| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3320 |
| DP3320 The Behaviour of Relative Prices in the European Union: A Sectoral Analysis | |
| Natalie Chen | |
| 发表日期 | 2002-04-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | We study infrequent durables stock adjustment by consumers who also derive utility from non-durable consumption flows, in the presence of idiosyncratic income uncertainty. We first characterize how the extent of uncertainty bears theoretically on the cross-sectional distribution of the durable/non durable ratio, the probability of costly adjustment, and the size of adjustment. Then, we bring such predictions to bear on a data set with extensive information on disaggregated durable goods and subjective measures of future income uncertainty. The data feature two conceptually distinct sources of variation: cross-sectional heterogeneity of the sampled households' dynamic problems, and history-dependent heterogeneity in their situation at the beginning of the observation period. We note that the latter should affect the likelihood but not the size of stock adjustment decisions, and find broad support for theoretical predictions in formal selection-controlled regressions based on this insight. |
| 主题 | International Macroeconomics |
| 关键词 | Adjustment costs Optimal inaction Heckman exclusion restriction |
| URL | https://cepr.org/publications/dp3320 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532344 |
| 推荐引用方式 GB/T 7714 | Natalie Chen. DP3320 The Behaviour of Relative Prices in the European Union: A Sectoral Analysis. 2002. |
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