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El jueves 2 de diciembre a las 13 horas tendrá lugar un Seminarios de investigación titulado The good, the bad and the worse: Current, past and future consumption externalities and equilibrium efficiency, y estará a cargo de Ph.D. Manuel A. Gómez (Universidade da Coruña).
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Resumen
This paper examines the implications for equilibrium efficiency of alternative formulations of outward-looking (external) anticipated future consumption in the Ak model. Individual’s utility depends on current consumption and a forward-looking reference level which is formed as an exponentially declining average of economy-wide average future consumption. We show that the market equilibrium is never efficient in this model irrespective of the specification of the utility function. This contrasts with the case when externalities arise from current consumption, in which the market equilibrium is always efficient, or from past consumption associated to external habits, in which the equilibrium is efficient if the arguments of the utility function are perfectly substitutable. We also derive a fiscal policy capable of decentralizing the optimal growth path.
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