Solving Consumption Models with Multiplicative Habits

Christopher Carroll ()

Economics Working Paper Archive from The Johns Hopkins University,Department of Economics

Abstract: This paper provides derivations necessary for solving an optimal consumption problem with multiplicative habits and a CRRA 'outer' utility function either for a microeconomic problem with both labor income risk and rate-of-return risk or for a macroeoconomic representative agent model

Date: Written
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Related works:
Journal Article: Solving consumption models with multiplicative habits (2000)
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Persistent link: http://EconPapers.repec.org/RePEc:jhu:papers:421

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