| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13229 |
| DP13229 Credit Shocks and Equilibrium Dynamics in Consumer Durable Goods Markets | |
| Alessandro Gavazza; Andrea Lanteri | |
| 发表日期 | 2018-10-09 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | This paper studies equilibrium dynamics in consumer durable goods markets after aggregate credit shocks. We introduce two novel features into a general-equilibrium model of durable consumption with heterogeneous households facing idiosyncratic income risk and borrowing constraints: (i) indivisible durable goods are vertically differentiated in their quality and (ii) trade on secondary markets at market-clearing prices, with households endogenously choosing when to trade or scrap their durables. The model highlights a new transmission mechanism for macroeconomic shocks and successfully matches several empirical patterns that we document using data on U.S. car markets around the Great Recession. After a tightening of the borrowing limit, debt-constrained households postpone the decision to scrap and upgrade their low-quality cars, which depresses mid-quality car prices. In turn, this effect reduces wealthy households' incentives to replace their mid-quality cars with high-quality ones, thereby decreasing new-car sales. We further use our framework to evaluate targeted fiscal stimulus policies such as the Car Allowance Rebate System in 2009 (``Cash for Clunkers''). |
| 主题 | Industrial Organization ; Monetary Economics and Fluctuations |
| 关键词 | Durable goods Credit constraints |
| URL | https://cepr.org/publications/dp13229-2 |
| 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/542038 |
| 推荐引用方式 GB/T 7714 | Alessandro Gavazza,Andrea Lanteri. DP13229 Credit Shocks and Equilibrium Dynamics in Consumer Durable Goods Markets. 2018. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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