The Role of Durables Replacement and Second-Hand Markets in a Business-Cycle Model
The Role of Durables Replacement and Second-Hand Markets in a Business-Cycle Model
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耐用品更换和二手市场在商业周期模型中的作用
DOI：
10.2139/ssrn.2968715
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发表时间：
2018
期刊：
影响因子：
--
通讯作者：
Hyunseung Oh
中科院分区：
文献类型：
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作者：
Hyunseung Oh
用过的耐用品的交易量很大，而且是周期性的，但它们与购买新耐用品的相互作用在商业周期研究中被忽略了。我通过引入一个新的耐用品商业周期模型来填补这一空白，在这个模型中，家庭将商品转售到二手市场，新耐用品的生产受到二手商品供应的影响。该模型提供了三个结论：更耐用和更频繁更换的商品的加价较小;耐用品的加价是反周期的，解决了Barsky et al.（2007）的共同运动之谜;顺周期更换需求放大了耐用品支出。
Transactions of used durables are large and cyclical, but their interaction with purchases of new durables has been neglected in business-cycle studies. I fill in this gap by introducing a new business-cycle model of durables where households resell their goods to the second-hand market and the production of new durables is affected by the supply of used goods. The model delivers three conclusions: markups are smaller for goods that are more durable and more frequently replaced; markups are countercyclical for durables, resolving the comovement puzzle of Barsky et al. (2007); and procyclical replacement demand amplifies durable spending.