The Timing of Purchases and Aggregate Fluctuations
构建了一个同时消费耐用品和非耐用品、且耐用品购买具有不可分割性的一般均衡模型，研究耐用品购买时机对经济周期的放大和传导作用，发现微观层面的购买时机能缓冲非耐用品消费波动，但宏观上会放大财富和收入冲击。
We study the cyclical effects of the timing of durable goods purchases in a general equilibrium model in which both durable and non-durable goods are consumed and the durable good is lumpy. At the microeconomic level, the timing of durable goods purchases supplies some insulation for nondurable consumption over the cycle. At the macroeconomic level, the timing decisions tend to amplify and propagate wealth and income shocks. Our model also allows for endogenous price determination. When the price of the durable changes due to inflexibility of workers between sectors, the effect of adverse shocks is even stronger and longer. Copyright 2005, Wiley-Blackwell.