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ANTICIPATED FUTURE CONSUMPTION IN AN ENDOGENOUS GROWTH MODEL
Macroeconomic Dynamics ( IF 1.325 ) Pub Date : 2020-11-11 , DOI: 10.1017/s136510052000053x
Manuel A. Gómez , Goncalo Monteiro

We devise an endogenous growth model in which agents’ utility depends not only on current consumption but also on the pleasure of anticipated future consumption. We consider the case in which agents derive satisfaction from their own anticipatory feelings—inward-looking or internal anticipation—and the case in which agents derive utility from anticipation of other people’s future consumption—outward-looking or external anticipation. We characterize the effects of introducing a forward-looking consumption reference on the dynamics of the economy. Whereas the inward-looking economy features transitional dynamics, the outward-looking economy does not. The distortions caused by the externality in the economy with external habits can be corrected by subsidizing income at a time-varying rate or by means of a tax on consumption at a decreasing rate. We contrast the equilibrium dynamics of our specification to the more standard specification of the habit formation consumption reference point. Numerical simulations supplement the theoretical analysis.



中文翻译:

内生增长模型中的预期未来消费

我们设计了一个内生增长模型,其中代理人的效用不仅取决于当前消费,还取决于预期未来消费的乐趣。我们考虑代理人从他们自己的预期感受(内向或内部预期)中获得满足的情况,以及代理人从对他人未来消费的预期中获得效用的情况(外向或外部预期)。我们描述了引入前瞻性消费参考对经济动态的影响。内向型经济具有转型动力,而外向型经济则不然。可以通过按时间变化的税率补贴收入或按递减税率对消费征税来纠正由外部习惯引起的经济外部性造成的扭曲。我们将我们规范的平衡动态与习惯形成消费参考点的更标准规范进行对比。数值模拟补充了理论分析。

更新日期:2020-11-11
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