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Consumption Externalities, Habit Formation, and Equilibrium Efficiency

AuthorsCaballé, Jordi ; Alonso Carrera, Jaime; Raurich, Xavier
KeywordsHabit Formation
Consumption Externalities
Equilibrium Efficiency
Issue Date5-Oct-2001
SeriesUFAE and IAE Working Papers
AbstractWe analyze the welfare properties of the competitive equilibrium in a capital accumulation model where individual preferences are subjected to both habit formation and consumption spillovers. We also discuss how consumption externalities and habits interact to generate an inefficient dynamic equilibrium. Finally, we characterize optimal tax policies aimed to restore efficient decentralized paths.
Appears in Collections:(IAE) Informes y documentos de trabajo
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