Durable Goods: An Explanation for Their Slow Adjustment
从微观购买的块状特性出发，构建耐用品总支出模型，解释其为何对财富等冲击反应缓慢，并证明该模型有助于解决“缓慢”之谜，同时给出异质性和微观块状性对宏观动态影响的简洁刻画。
Aggregate expenditure on durable goods responds too slowly to wealth and other aggregate innovations to be consistent with the simplest frictionless version of PIH (permanent income hypothesis). In this paper I present a model of aggregate expenditure on durab1es that builds up from the lumpy nature of microeconomic purchases, and provide evidence supporting its contribution to the resolution of the ?slowness? puzzle. The paper also contains several new results on the problem of dynamic aggregation of stochastically heterogeneous units. In particular, I provide a simple characterization of the effects of heterogeneity and microeconomic lumpiness on aggregate dynamics.