消費外部性與景氣循環：疊代模型的分析

Consumption Externality and Business Cycle: Analysis of an Overlapping-Generations Model

本文採用連續時間的疊代模型，假設個人的消費可能對其他人產生外部效果。我們發現：於疊代模型的設定下，負的消費外部性（個人對他人消費的忌妒心理）可能造成經濟體系長期存在複均衡。由於出生率的存在造就了疊代模型與代表性個人模型主要的差異，因此，本文指出：出生率與忌妒心理同時存在將可能是引發經濟波動的原因之一。

This paper considers a continuous-time overlapping generations model and assumes that there exist consumption externalities. It is found that the negative spillover on consumption externality drives business cycle if there is a constant birth rate. In particular, birth rate and jealousy generate economic volatility.