Habit Formation in Consumption and Its Implications for Monetary-Policy Models
构建了包含消费者习惯形成的货币政策模型，发现习惯形成能显著改善支出和通胀对货币政策冲击的响应，并通过实证检验强烈拒绝了无习惯形成的假设。
This paper explores a monetary-policy model with habit formation for consumers, in which consumers' utility depends in part on current consumption relative to past consumption. The empirical tests developed in the paper show that one can reject the hypothesis of no habit formation with tremendous confidence, largely because the habit-formation model captures the gradual hump-shaped response of real spending to various shocks. The paper then embeds the habit-consumption specification in a monetary-policy model and finds that the responses of both spending and inflation to monetary-policy actions are significantly improved by this modification.