Testing the "Catching up with the Joneses" Model with Consumption Externality in Japan

Akihiko Noda

Economics Bulletin, 2011, vol. 31, issue 2, 1648-1658

Abstract: The purpose of this paper is to test Abel's (1990, 1999) "Catching up with the Joneses" model with a consumption externality using Japanese financial data. It is found that the model is rejected in Japan when it is estimated using generalized empirical likelihood (GEL) estimators.

Keywords: Habit Formation; Consumption Externality; GEL (search for similar items in EconPapers)
JEL-codes: E2 G1 (search for similar items in EconPapers)
Date: 2011-06-06
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