Business Cycle Implications of Internal Consumption Habit for New Keynesian Models
研究了内部消费习惯如何影响新凯恩斯动态随机一般均衡模型的拟合效果，发现其能改善产出和消费增长谱的匹配，但模型设定存在脆弱性。
We study the implications of internal consumption habit for New Keynesian dynamic stochastic general equilibrium (NKDSGE) models. Bayesian Monte Carlo methods are employed to evaluate NKDSGE model fit. Simulation experiments show that internal consumption habit often improves the ability of NKDSGE models to match the spectra of output and consumption growth. Nonetheless, the fit of NKDSGE models with internal consumption habit is susceptible to the sources of nominal rigidity, to spectra identified by permanent productivity shocks, to the choice of monetary policy rule, and to the frequencies used for evaluation. These vulnerabilities indicate that the specification of NKDSGE models is fragile.