Catching Up with the Joneses in a Sticky Price Model
研究在Calvo型和Taylor型粘性价格模型中引入外部习惯形成的影响，发现外部习惯形成能改善模型对选定变量在各频率上的解释力，其中Taylor型模型更贴近实际数据的驼峰状谱特征。
This paper examines the effect of introducing external habit formation into Calvo-type and Taylor-type sticky price models. The paper shows that external habit formation improves the performance of sticky price models in explaining the selected variables at nearly all frequencies. While each model has diverse successes and failures, the Taylor-type sticky price model seems to capture more closely the hump-shaped spectra of the selected real variables of the data than the Calvo-type sticky price model.