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This paper develops a model of luxury goods by incorporating weakly non-separable, recursive preferences. In a two-good framework, a quasi-luxury is de ned as a good whose marginal rate of substitution is increasing in wealth. Under certain conditions, it is identical to a luxury good. Consumers...
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We examine the current account effect of a terms-of-trade deterioration for a small country model, incorporating weakly nonseparable preference a la Shi (1994) under endogenous time preference.
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