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Akihiko Noda
''Testing the "Catching up with the Joneses" Model with Consumption Externality in Japan''
( 2011, Vol. 31 No.2 )
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
E2 - Macroeconomics: Consumption, Saving, Production, Employment, and Investment: General (includes Measurement and Data)
Manuscript Received : May 10 2011 Manuscript Accepted : Jun 06 2011

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