Heterogeneous Conformism and Wealth Distribution in a Neoclassical Growth Model

著者
Kazuo Mino and Yasuhiro Nakamoto
シリーズ
MQ Discussion Series
DP番号
2015-002
公開年月
October 2015
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 a higher degree of average conformism accelerates the convergence speed of the economy towards the steady state as in the case of homogeneous conformism. Furthermore, we reveal that the wealth inequality expands or shrinks in the case of heterogeneous conformism, while it does not expand but shrinks in the case of homogeneous conformism.

 
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