NOTES ON THE THEORY AND EVIDENCE ON AGGREGATE PURCHASES OF DURABLE GOODS
指出无摩擦持久收入假说对耐用品购买的预测与数据严重不符，并综述了通过引入微观调整固定成本来同时解释宏观惯性、低频和块状购买行为的最新进展，认为这些努力在方法和实证上取得了成效。
The basic implications of the frictionless permanent income hypothesis for durable goods purchases are strongly rejected by the data. At the aggregate level there is too much inertia. At the macroeconomic level purchases are too infrequent and lumpy. In principle these rejections can be simultaneously rationalized by the presence of fixed costs of adjustment at the microeconomic level. This article provides a simplified overview of recent developments attempting to formalize and measure the implications of models of fixed cost of adjustment for microeconomic and especially, aggregate behavior of expenditure on durable goods. It contends that these efforts have paid off in terms of methodological and empirical improvements. Copyright 1994 by Oxford University Press.