A comment on durable goods consumption

• 成果类型: Article
• 署名作者: Hong, KO
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/S0304-3932(96)90042-2
• 发表日期: 1996
• 页码: 381-391
• 关键词: autocorrelation; durable goods; moving average process; permanent income hypothesis

摘要

This paper examines the time series behavior of durables/nondurables and services consumption expenditure of six OECD countries, following Caballero's approach. In each country, durables expenditure exhibits greater reversion than nondurables and services, when lower frequencies of the series are examined. The results reject the frictionless PIH as a model for durable goods consumption. However, they strongly support Mankiw's hypothesis on the nature of durable goods consumption.