NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Why Surplus Consumption in the Habit Model May be Less Persistent than You Think

Anthony W. Lynch, Oliver Randall

NBER Working Paper No. 16950
Issued in April 2011

---- Acknowledgements -----

The authors would like to thank Stijn Van Nieuwerburgh, Greg Du®ee, and participants at two NYU seminars, the Wharton Brown Bag Macro Seminar, and a session of the 2011 AFA Meetings for helpful comments and suggestions. All remaining errors are of course the authors' responsibility. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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