Особенности динамики потребления в моделях общего равновесия: роль привычек в потреблении
Importance In this paper we analyse the importance of accounting for the consumption habits in the general equilibrium model of the Russian economy.
Objectives The purpose of the research is to identify the impact of the consumption habits to the dynamics of the main macroeconomic variables of general equilibrium models. Nowadays Russian authors use consumption habits of households in the dynamic stochastic general equilibrium models, however, there is still no empirical evidence of this phenomenon for the Russian economy.
Methods Consumption habits suggest that consumption level is not significant by itself, it is compared with the benchmark consumption level: the previous consumption of a particular individual or aggregate past consumption. Thus, the utility function of an individual is formed in two specifications: with the habit formation and without. On the basis of the dynamic stochastic general equilibrium model (DSGE) by F. Smets and R. Wouters we analyze the dynamics of the model in two specifications under shocks. We compare impulse response functions for the main macroeconomic variables. Then we consider the dynamics of the real consumption of nondurables of Russian households. We use statistics of the real consumption of nondurable goods in the global financial crisis of 2008-2009 and after it.
Results The analysis shows that the initial response to shocks differs significantly: the habits cause more moderate and postponed reaction in consumption and smoother response in production. The data shows delayed reaction of real expenditures to changes in the fundamentals and slow adjustment to the new equilibrium.
Discussion Thus additional "rigidity" in the model allows to simulate lagged reaction of real variables to economic shocks.
Conclusions and Relevance The analysys shows that accounting for habit formation helps to model lagged "humpshaped" response of the real expenditures to the economic shocks, which is in general consistent with the data.