Carroll, Christopher D; Overland, Jody; Weil, David N - In: Journal of Economic Growth 2 (1997) 4, pp. 339-67
We examine the dynamics of two endogenous-growth models in which agents have comparison utility. In the inward-looking economy, individuals care about how their current consumption compares with their own past consumption. In the outward-looking economy, they care about how their own consumption...