Optimal Monetary Policy with Durable and Non-durable Goods
نویسندگان
چکیده
منابع مشابه
Durable Goods and Sectoral Effects of Monetary Policy
High degree of interest sensitivity of durable goods is now a stylized fact in the literature of monetary policy. This literature, however, does not provide a clear and consensual explanation for the modalities of this stylized fact. In this paper, two independent empirical models are performed to shed more light on the cross-sectoral impacts of monetary policy. The results of first study indic...
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A durable purchased at time t 2 [0;1) provides a constant service ow x0 in the interval [t; t + 1]. The price of the durable is reduced periodically: it is equal to p = p0=(1 + ) in the period of time [ ; + 1), 2 N, where 0. Assume that the interest rate equal to the rate of time preference: r = . Consider a consumer that at date t = 0 has no durable and a lifetime wealth w. His optimization p...
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Is the variety of products supplied in markets a reflection of the diversity of consumers’ preferences? In this paper, we argue that the distribution of durable goods offered in markets tends to be compressed relative to the distribution of consumers’ underlying preferences. In particular, there are strong incentives for conformity in markets for durable goods. The reason for conformity is natu...
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Real annual consumption growth has averaged about 3.7% between 1998 Q1 and 2003 Q3—well above real average annual GDP growth of about 2.6% during that period. (2) Chart 1 shows that the buoyancy of consumer spending can be entirely accounted for by strong growth in durable and semi-durable goods expenditure (henceforth referred to as 'durable spending' unless otherwise specified). Since 1998 Q1...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2003
ISSN: 1556-5068
DOI: 10.2139/ssrn.366585