Durable Goods: An Explanation for Their Slow Adjustment
Durable Goods: An Explanation for Their Slow Adjustment
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DOI：
10.1086/261879
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发表时间：
1991-06
影响因子：
8.2
通讯作者：
Ricardo J. Caballero
中科院分区：
文献类型：
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作者：
Ricardo J. Caballero
在微观经济层面，耐用品购买往往是不连续的，而且规模相对较大。这一特征有可能解释为什么耐用消费品的总支出对财富和其他总创新的反应缓慢(相对于无摩擦的永久收入模型)。在本文中，我发展了关于随机异质单元动态聚集问题的新结果，这些结果有助于刻画在存在非凸调整成本的情况下微观经济行为与聚集动态之间的联系。利用这些结果，并将战后美国耐用品总购买量划分为不同的子类别和时间段，我进一步支持了这样的观点，即微观经济购买在解释耐用品总支出的时间序列行为方面发挥了重要作用。
At the microeconomic level, durable purchases are often discontinuous and relatively large. This feature has the potential to explain why aggregate expenditure on durables responds only slowly (relative to the frictionless permanent income model) to wealth and other aggregate innovations. In this paper I develop new results on the problem of dynamic aggregation of stochastically heterogeneous units, which help to characterize the connection between microeconomic behavior and aggregate dynamics in the presence of nonconvex adjustment costs. Using these results and splitting postwar U.S. aggregate durable purchases into different subcategories and time periods, I provide further support for the view that lumpy microeconomic purchases play an important role in explaining the time-series behavior of aggregate expenditure on durable goods.