关键词: 习惯形成, 要素替代弹性, 经济增长, 储蓄率

Abstract: Many researchers, including Carroll et al.（2000）, Cuadrado et al.（2004） and XiJing & LeiQinli（2013）, show that if a standard growth model is modified to allow for habit formation in consumption, the model can generate growth-to-saving causality. Our objective is to analyse whether this conclusion still hold with different values of the elasticity of substitution. Utilizing CES function we modify the model and find that whether the elasticity of substitution is equal to 1 or less than 1, the economy has a unique equilibrium point and the dynamic transfer process is the same. Furthermore, numerical simulation analysis shows that when the elasticity of substitution equals to 0.8, the economy will not experience long-run negative growth and negative savings and “growth-to-saving” is correct only if the reference stock .

Key words: Habit Formation, the Elasticity of Substitution, Economic Growth, Saving