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Examining the Consumption Behavior of Households Caused by Changing the Utility Function Using the DSGE Model | ||
| Iranian Journal of Economic Studies | ||
| دوره 12، شماره 1 - شماره پیاپی 23، آذر 2023، صفحه 105-121 اصل مقاله (380.52 K) | ||
| نوع مقاله: Research Paper | ||
| شناسه دیجیتال (DOI): 10.22099/ijes.2024.48195.1921 | ||
| نویسنده | ||
| Hamid Reza Izadi* | ||
| Department of Economics , Chabahar Maritime University, Chabahar , Iran | ||
| چکیده | ||
| The utility function and consumption behavior within a society wield profound influence over both household conduct and broader macroeconomic dynamics, thereby exerting a pivotal role in fostering economic growth and prosperity. Consequently, the examination and analysis of household consumption behavior stand as a cornerstone in economic inquiry and policy formulation. This study employs a Dynamic Stochastic General Equilibrium (DSGE) model to emulate, scrutinize, and elucidate the intricacies of household macroeconomic variables, particularly delving into the repercussions of economic perturbations while considering shifts in household budget constraints. Utilizing statistical data spanning the period from 1977 to 2020, this research introduces three distinct models to underscore the gravity of the subject matter. The empirical findings from our investigation reveal an intriguing outcome: when subjected to alterations in the utility function governing consumption behavior, all three models exhibited remarkably similar responses to the ensuing shock. Notably, the second model demonstrated the least volatility in consumption fluctuations, concurrently displaying the highest degree of serial correlation with the consumption variable. Conversely, the third model displayed the most pronounced interplay between production and consumption variables, as evidenced by our comparative analysis of consumption variable changes across the trio of models proffered herein. This study delves into the intricate nexus of utility functions and household consumption behavior, offering invaluable insights into the macroeconomic underpinnings that shape our societies. | ||
| کلیدواژهها | ||
| Utility Function؛ Consumption Behavior؛ DSGE Model؛ Households | ||
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آمار تعداد مشاهده مقاله: 228 تعداد دریافت فایل اصل مقاله: 149 |
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