Saving and Growth with Habit Formation
发现，若效用部分取决于与过去消费形成的“习惯存量”的比较，标准增长模型可解释高增长导致高储蓄的实证现象，对理解跨国储蓄差异有用。
Saving and growth are strongly positively correlated across countries. Recent empirical evidence suggests that this correlation holds largely because high growth leads to high saving, not the other way around. This evidence is difficult to reconcile with standard growth models, since forward-looking consumers with standard utility should save less in a fast-growing economy because they know they will be richer in the future than they are today. We show that if utility depends partly on how consumption compares to a “habit stock” determined by past consumption, an otherwise-standard growth model can imply that increases in growth can cause increased saving.