Diverse Growth Patterns with External Habit Formation

Liutang Gong and Wei Wang ()
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Wei Wang: University of International Business and Economics

Economics Bulletin, 2019, vol. 39, issue 2, 1418-1423

Abstract: This paper investigates an external habit formation model with weakly concave utility functions. We show that there exist a continuum of history-dependent balanced growth path (BGP) in this model. This feature of our model can help understand a variety of cross-country growth patterns that are observed in the data.

Keywords: Diverse growth patterns; History dependence; Balanced growth paths; Habit formation (search for similar items in EconPapers)
JEL-codes: D9 O4 (search for similar items in EconPapers)
Date: 2019-06-15
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Citations: View citations in EconPapers (1)

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