报告题目👩🎓：Reexamining the Empirical Relevance of Habit Formation Preferences
报告人😲：Xuan Liu （Assistant Professor🔢，Economics PhD of Duke University）
时间：5月22日下午 15：30---17🚠：30
We reexamine the empirical relevance of habit formation preferences with microdata on households’ portfolio choices. We first derive the analytical solution to the risky asset share in a theoretical model with both habits and time-varying labor income. Our analytical results indicate that (1) for each household, there are two channels through which the risky asset share responds to wealth fluctuations, habits and household income; (2) across households, there are heterogenous responses through the habit channel: those who experience large negative income shocks reduce their share of risky assets; and (3) two potential mis-identification problems arise when both two channels and the heterogeneity are ignored. Contrary to the existing literature, our empirical results find positive evidence of habit formation preferences after correcting the two mis-identification problems.
刘轩助教授是宏观经济学界的知名年轻学者之一，曾师从于宏观经济学大师Martin Uribe攻读博士学位。刘轩助教授已经在经济学主流期刊Economic Record🍟，Computational Economics，B.E. Journal of Theoretical Economics等发表多篇论文。
