Adjustment Costs, Durables, and Aggregate Consumption
研究消费者在调整成本下对非耐用品和耐用品的最优购买决策，发现调整成本会影响两类支出的时间序列特征，但计量检验仍不支持永久收入假说。
Previous tests of the permanent income hypothesis (PIH) have focused on either nondurables or durables expenditures in isolation. This paper studies consumer purchases of nondurables and durables as the outcome of a single optimization problem.It is shown that the presence of adjustment costs of changing durables stocks may substantially affect the time series properties of both components of expenditure under the PIH.However, econometric tests based on this model do not contradict earlier rejections of the PIH in aggregate quarterly data.