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- W3122560005 abstract "This paper provides evidence that habit persistence is an important determinant of household consumption choices, in a setting that allows for heterogeneity and household-speci...c interest rates. By estimating Euler equations for a representative sample of U.S. credit card account holders, I ...nd that the strength of the external habit, captured by the fraction of the consumption of the reference group that enters the utility function, is 0.290; while the strength of internal habit, represented by household past consumption, is 0.503. These ...ndings provide empirical support to the theories that explain macroeconomic and asset pricing phenomena by introducing habit persistence in the utility function. The results are robust to the inclusion of the income growth rate and other measures of economic activity in the regression, changes in the speci...cation and the instrument set, and tests of liquidity constraints and precautionary saving motives. I also show that this result carries over in the aggregate, once heterogeneity and market incompleteness are taken into account by aggregating the Euler equations as a weighted average of individual marginal rates of substitution. On the contrary, I ...nd that an econometrician that used per capita consumption, constructed from the same data, and a representative agent framework, would ...nd no evidence of habit persistence. ¤I would like to thank Debbie Lucas, Kent Daniel, Bill Rogerson and Paola Sapienza for long discussions, support and guidance. Special thanks go to Donald P. Jacobs and the U.S. credit card company that provided the data. I am also grateful to George Akerlof, Roc Armenter, Gadi Barlevy, Paco Buera, Francesco Caselli, Colin Camerer, John Campbell, Janice Eberly, Martin Eichenbaum, Andrea Eisfeldt, Mike Fishman, Bob Gordon, Johannes Horner, Ming Hsu, Arvind Krishnamurthy, David Laibson, Ron Laschever, Annamaria Lusardi, Sendhil Mullainathan, John Panzar, Marcin Peski, Karl Schmedders, Christopher Polk, Matthew Rabin, Marciano Siniscalchi, Mark Seasholes, Costis Skiadas, Annette Vissing-Jorgensen and seminar participants at Kellogg School of Management (Finance) and Northwestern University for valuable discussions and suggestions. Financial support from the Northwestern University Dissertation Year Fellowship, Banca d’Italia and Fondazione Einaudi is gratefully acknowledged. All remaining errors are mine. Comments are welcome: e-ravina@northwestern.edu." @default.
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- W3122560005 date "2005-01-01" @default.
- W3122560005 modified "2023-09-27" @default.
- W3122560005 title "Keeping Up with the Joneses: Evidence from Micro Data" @default.
- W3122560005 hasPublicationYear "2005" @default.
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