Adjustment of Consumers' Durables Stocks: Evidence from Automobile Purchases
Adjustment of Consumers' Durables Stocks: Evidence from Automobile Purchases
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耐用消费品库存的调整：来自汽车购买的证据
DOI：
10.1086/261940
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发表时间：
1994
影响因子：
8.2
通讯作者：
Janice C. Eberly
中科院分区：
文献类型：
--
作者：
Janice C. Eberly
本文检验了家庭耐用品购买的最优（S， S）规则，并直接检验了由此产生的总支出动态。观察到的决策规则响应由交易成本产生的（S， S）模型预测的收入不确定性和增长。对流动性约束的测试发现，大约一半的家庭根据最优（S， S）规则购买。对家庭的（S， S）规则进行汇总，得出耐用品持有量的横截面分布。经验分布与理论预测相似，它对总体冲击的反应也是如此。此外，基于家庭分配的总支出模拟显示出与1980年代观察到的动态一致。
This paper tests an optimal (S, s) rule in household durable purchases and examines directly the resulting aggregate expenditure dynamics. The observed decision rule responds to income uncertainty and growth as predicted by an (S, s) model resulting from transactions costs. Tests against liquidity constraints find that about half the households purchase according to an optimal (S, s) rule. Aggregating the (S, s) rule over households produces a cross-section distribution of durables holdings. The empirical distribution is similar to that predicted theoretically, as is its response to aggregate shocks. Furthermore, simulations of aggregate expenditure based on the household distribution exhibit dynamics consistent with those observed in the 1980s.