Energy Price Shocks and the Macroeconomy: The Role of Consumer Durables
构建了一个区分耐用消费品投资与资本品投资、以及家庭与企业能源使用的模型，模拟发现能源价格冲击对产出波动的影响比不含耐用品的模型更小，因为能源涨价时耐用投资比固定资本投资下降更多，缓冲了对未来生产的冲击。
We create a model with a distinction between investment in consumer durables and capital goods, as well as energy use by households and firms, to evaluate the importance of energy price shocks for output fluctuations. Simulation results indicate that this economy has a smaller proportion of output fluctuations attributable to energy price shocks than one without durable goods and household energy use. We show that an energy price hike is absorbed by reducing investment in durables more than in fixed capital. This rebalancing effect cushions the hit to future production. Thus, productivity shocks remain the prime driver for output fluctuations.