Habit Formation: Deep and Uncertain

Terence Tai-Leung Chong (), Guoxin Liu and Kit Ming Yan
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Terence Tai-Leung Chong: The Chinese University of Hong Kong

Economics Bulletin, 2007, vol. 3, issue 2, 1-10

Abstract: Most of the existing structural-change models presume that the impact of a change is instantaneous and occurs at the same time for all individuals. In this paper, we develop a new structural-change model to measure the lag length between the time when an economic crisis breaks out and the time when the impact is transmitted to various economic sectors. Our model allows different transmission lags for individuals with heterogenous characteristics. Simulation results for the performance of the estimators are reported.

JEL-codes: C2 C5 (search for similar items in EconPapers)
Date: 2007-01-10
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Persistent link: https://EconPapers.repec.org/RePEc:ebl:ecbull:eb-06c20066

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