Carroll, Chris (contributor); Slacalek, Jirka (contributor); … - 2008
://econ.jhu.edu/people/ccarroll/papers/cssIntlStickyC.zip
Carroll: Department of Economics, Johns Hopkins University, Baltimore, MD, http://
econ.jhu.edu/people/ccarroll/, ccarroll …
economics has argued that ‘habit formation’ can explain many empirical facts
related to consumption dynamics, including … wealth. The model there-
fore is similar to the Calvo (1983) model of price setting frequently used in
the monetary economics …