Conformism and Wealth Distribution

著者
Kazuo Mino and Yasuhiro Nakamoto
シリーズ
MQ Discussion Series
DP番号
2014-011
公開年月
August 2014
言語
英語
URL
ファイル
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Summary

This paper explores the role of consumption externalities in a neoclassical growth model in which households have heterogeneous preferences. We find that the degree of conformism in consumption held by each household significantly affects the speed of convergence of the aggregate economy as well as the patterns of wealth distribution in the steady state equilibrium. In particular, a higher degree of consumption conformism accelerates the convergence speed of the economy towards the steady state. We also reveal that in an economy with a high degree of conformism, the pattern of initial distribution of wealth tends not to be sustained in the long run.

 
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