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We study a series of growth models in which households' preferences display `jealousy' or `external habits': a negative dependence on average consumption. We argue that accounting for consumption externalities in growth models requires consideration of both their static and dynamic effects. In a...
Persistent link: https://www.econbiz.de/10012932544
This paper analysis the results of a survey on qualitative and quantitative perceptions and expectations of past, current and future macroeconomic developments among a representative household panel(DNB Household Survey). Perceptions of economic growth and inflation show a large dispersion. For...
Persistent link: https://www.econbiz.de/10012756704
Using recent cross-country data for over a hundred nations, this paper examines the effects of various disaggregated tourism policy measures on economic growth. Based on standard growth theory, the model uniquely incorporates tourism variables disaggregated across various dimensions of tourism...
Persistent link: https://www.econbiz.de/10013046528
Market growth is driven by product innovation. Beyond functional satiation the marginal utility of product performance and variety decreases. We argue that social comparisons underlying innovation diffusion results in consumer motivations for upward assimilation toward the behavior of better...
Persistent link: https://www.econbiz.de/10003375567
Economic policies shape how much people earn but also how stable their income and jobs are. The level of earnings and the degree of economic stability both matter for well-being. Micro-level data indicate that, across OECD countries, economic instability is much greater at the level of...
Persistent link: https://www.econbiz.de/10011392789
Economic policies shape how much people earn as well as how stable their income and jobs are. The level and stability of earnings both matter for well-being. Standard economic aggregates do not measure accurately the economic uncertainty which households are facing. This paper shows that...
Persistent link: https://www.econbiz.de/10011398837
Combining consensus forecasts of growth of population and real incomes during 2014-35 with household income surveys for more than a hundred countries accounting for the bulk of the world economy, we project the income distribution in 2035 across all individuals in the world. We find that the...
Persistent link: https://www.econbiz.de/10010514442
The decline in macroeconomic volatility from the 1980s to the onset of the Great Recession did not, in general, translate into more microeconomic stability. While microeconomic volatility can reflect growth-generating processes, such as creative destruction and re-allocation of resources,...
Persistent link: https://www.econbiz.de/10010374408
The tendency to underestimate the future value of a variable growing at a constant rate, an example of exponential growth bias, has been linked to household financial decision making. We show that exponential growth bias and standard measures of financial literacy are negatively correlated in a...
Persistent link: https://www.econbiz.de/10013122964
Abstract In this paper, we investigate how much Chinese households have contributed to China's economic growth between 1980 and 2015 from the perspective of age structure transitions. We first propose a theoretical framework for the quantification of the demographic dividends during an age...
Persistent link: https://www.econbiz.de/10012926616