Dusenberry's Ratcheting of Consumption: Optimal Dynamic Consumption and Investment Given Intolerance for any Decline in Standard of Living
- 1 April 1995
- journal article
- Published by Oxford University Press (OUP) in The Review of Economic Studies
- Vol. 62 (2) , 287-313
- https://doi.org/10.2307/2297806
Abstract
Duesenberry's ratcheting consumption demand is derived as a feature of the optimal dynamic consumption and investment policy given extreme habit formKeywords
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