UNDERSTANDING THE COSTS OF CONSUMER DURABLE ADJUSTMENTS
This article examines whether adjustment frictions help account for the patterns of household consumption expenditures observed in the Consumer Expenditure Survey, namely, that the variance of log durable expenditure is four times larger than that of log nondurable expenditure for annual data and th...
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| Published in | Economic Inquiry Vol. 54; no. 3; pp. 1561 - 1573 |
|---|---|
| Main Author | |
| Format | Journal Article |
| Language | English |
| Published |
Boston, USA
Wiley Periodicals, Inc
01.07.2016
Wiley Wiley-Blackwell Blackwell Publishers Ltd Western Economic Association |
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| Abstract | This article examines whether adjustment frictions help account for the patterns of household consumption expenditures observed in the Consumer Expenditure Survey, namely, that the variance of log durable expenditure is four times larger than that of log nondurable expenditure for annual data and this gap substantially widens for quarterly data. Estimating a structural model of household consumption with nondurable and durable goods with the simulated method of moments, I find that the fixed costs associated with durable adjustments are important in matching the cross‐sectional moments. Using the estimated model, I also examine the response of nondurable and durable expenditures to income shocks. (JEL D12, D91, E21) |
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| AbstractList | This article examines whether adjustment frictions help account for the patterns of household consumption expenditures observed in the Consumer Expenditure Survey, namely, that the variance of log durable expenditure is four times larger than that of log nondurable expenditure for annual data and this gap substantially widens for quarterly data. Estimating a structural model of household consumption with nondurable and durable goods with the simulated method of moments, I find that the fixed costs associated with durable adjustments are important in matching the cross‐sectional moments. Using the estimated model, I also examine the response of nondurable and durable expenditures to income shocks. (JEL D12, D91, E21) This article examines whether adjustment frictions help account for the patterns of household consumption expenditures observed in the Consumer Expenditure Survey, namely, that the variance of log durable expenditure is four times larger than that of log nondurable expenditure for annual data and this gap substantially widens for quarterly data. Estimating a structural model of household consumption with nondurable and durable goods with the simulated method of moments, I find that the fixed costs associated with durable adjustments are important in matching the cross-sectional moments. Using the estimated model, I also examine the response of nondurable and durable expenditures to income shocks. [web URL: http://onlinelibrary.wiley.com/doi/10.1111/ecin.12333/abstract] This article examines whether adjustment frictions help account for the patterns of household consumption expenditures observed in the Consumer Expenditure Survey, namely, that the variance of log durable expenditure is four times larger than that of log nondurable expenditure for annual data and this gap substantially widens for quarterly data. Estimating a structural model of household consumption with nondurable and durable goods with the simulated method of moments, I find that the fixed costs associated with durable adjustments are important in matching the cross-sectional moments. Using the estimated model, I also examine the response of nondurable and durable expenditures to income shocks. Reprinted by permission of Wiley-Blackwell This article examines whether adjustment frictions help account for the patterns of household consumption expenditures observed in the Consumer Expenditure Survey, namely, that the variance of log durable expenditure is four times larger than that of log nondurable expenditure for annual data and this gap substantially widens for quarterly data. Estimating a structural model of household consumption with nondurable and durable goods with the simulated method of moments, I find that the fixed costs associated with durable adjustments are important in matching the cross‐sectional moments. Using the estimated model, I also examine the response of nondurable and durable expenditures to income shocks. ( JEL D12, D91, E21) |
| Audience | Academic |
| Author | Suzuki, Michio |
| Author_xml | – sequence: 1 givenname: Michio surname: Suzuki fullname: Suzuki, Michio email: msuzuki@e.u-tokyo.ac.jp organization: Assistant Professor, Graduate School of Economics, The University of Tokyo, 113-0033, Tokyo, Japan |
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| References_xml | – reference: Krueger, D., and F. Perri. "Does Income Inequality Lead to Consumption Inequality? Evidence and Theory." Review of Economic Studies, 73, 2006, 163-93. – reference: Díaz-Giménez, J., V. Quadrini, and J.-V. Ríos-Rull. "Dimensions of Inequality: Facts on the U.S. Distributions of Earnings, Income, and Wealth." Federal Reserve Bank of Minneapolis. Quarterly Review, 21(2), 1997, 3-27. – reference: Lam, P.-S. "Permanent Income, Liquidity, and Adjustments of Automobile Stocks: Evidence from Panel Data." Quarterly Journal of Economics, 106(1), 1991, 203-30. – reference: Hintermaier, T., and W. Koeniger. "The Method of Endogenous Gridpoints with Occasionally Binding Constraints among Endogenous Variables." Journal of Economic Dynamics and Control, 34(10), 2010, 2074-88. – reference: Kaplan, G., and G. L. Violante. "How Much Consumption Insurance Beyond Self-Insurance?" American Economic Journal: Macroeconomics, 2(4), 2010, 53-87. – reference: U.S. Department of Commerce. Bureau of Economic Analysis. Fixed Reproducible Tangible Wealth in the United States, 1925-94. Washington, DC: U.S. Government Printing Office, 1999. – reference: Gervais, M., and P. Klein. "Measuring Consumption Smoothing in Cex Data." Journal of Monetary Economics, 57(8), 2010, 988-99. – reference: Storesletten, K., C. I. Telmer, and A. Yaron. "Cyclical Dynamics in Idiosyncratic Labor Market Risk." Journal of Political Economy, 112(3), 2004, 695-717. – reference: Caballero, R. J. "Expenditure on Durable Goods: A Case for Slow Adjustment." Quarterly Journal of Economics, 105(3), 1990, 727-43. – reference: McGrattan, E., and E. C. Prescott. "Average Debt and Equity Returns: Puzzling?" American Economic Review, 93, 2003, 392-97. – reference: Berger, D., and J. Vavra. "Consumption Dynamics During Recessions." Econometrica, 83(1), 2015, 101-54. – reference: Bils, M., and P. J. Klenow. "Using Consumer Theory to Test Competing Business Cycle Models." Journal of Political Economy, 106, 1998, 233-61. – reference: Browning, M., and T. F. Crossley. "Shocks, Stocks, and Socks: Smoothing Consumption over a Temporary Income Loss." Journal of the European Economic Association, 7(6), 2009, 1169-92. – reference: Lorenzoni, G., and V. Guerrieri. Credit Crises, Precautionary Savings, and the Liquidity Trap. Mimeo, 2012. – reference: Eberly, J. C. "Adjustment of Consumers' Durables Stocks: Evidence from Automobile Purchases." Journal of Political Economy, 102(3), 1994, 403-36. – reference: Klein, P., and I. A. Telyukova. "Measuring High-Frequency Income Risk from Low-Frequency Data." Journal of Economic Dynamics and Control, 37(3), 2013, 535-42. – reference: Caballero, R. J. "Durable Goods: An Explanation for Their Slow Adjustment." Journal of Political Economy, 101(2), 1993, 351-84. – reference: Carroll, C. D. "The Method of Endogenous Gridpoints for Solving Dynamic Stochastic Optimization Problems." Economics Letters, 91(3), 2006, June, 312-20. – reference: Tauchen, G. "Finite State Markov-Chain Approximations to Univariate and Vector Autoregression." Economics Letters, 20(2), 1986, 177-81. – reference: Blundell, R., L. Pistaferri, and I. Preston. "Consumption Inequality and Partial Insurance." American Economic Review, 98(5), 2008, 1887-921. – reference: Cooper, R. W., and J. C. Haltiwanger. "On the Nature of Capital Adjustment Costs." Review of Economic Studies, 73(3), 2006, 611-33. – reference: Attanasio, O. P. "Consumer Durables and Inertial Behaviour: Estimation and Aggregation of (S, s) Rules for Automobile Purchases." Review of Economic Studies, 67(4), 2000, 667-96. – reference: Fernandez-Villaverde, J., and D. Krueger. "Consumption and Saving over the Life Cycle: How Important Are Consumer Durables?" Macroeconomic Dynamics, 15(05), 2011, 725-70. – reference: Khan, A., and J. K. 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Quarterly Review |
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| SubjectTerms | Adjustments Analysis Consumer expenditure Consumer spending Consumption Consumption (Economics) Durable goods Economic models Expenditures Fixed costs Nondurable goods Studies |
| Title | UNDERSTANDING THE COSTS OF CONSUMER DURABLE ADJUSTMENTS |
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