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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Habit formation and serial correlation in consumption growth. Suppose that the utility of the representative consumer, individual i, is given by
where Zit is the “reference” level of consumption. Assume the interest rate is constant at some level, r, and that there is no uncertainty.


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