Income Redistribution, Consumer Credit, and Keeping Up with the Riches
构建了一个包含向上攀比消费的DSGE模型，发现消费外部性是消费信贷波动的重要驱动因素，模型在匹配信贷周期数据上优于无外部性的版本。
Abstract In this study, we set up a dynamic stochastic general equilibrium (DSGE) model with upward looking consumption comparison and show that consumption externalities are an important driver of consumer credit dynamics. Our model economy is populated by two different household types. Investors, who hold the economy's capital stock, own the firms and supply credit, and workers, who supply labor and demand credit to finance consumption. Furthermore, workers condition their consumption choice on the investors' level of consumption. We estimate the model and find a significant keeping up mechanism by matching business cycle statistics. In reproducing credit moments, our proposed model significantly outperforms a model version in which we abstract from consumption externalities.