The Role of Durables Replacement and Second‐Hand Markets in a Business‐Cycle Model
构建了一个包含消费者二手市场转售和耐用品生产受旧货供应影响的新商业周期模型，发现耐用品加价更小且反周期，更换需求顺周期放大了耐用品支出。
Abstract Transactions of used durables are large and cyclical, but their interaction with purchases of new durables has been neglected in business‐cycle studies. I fill this gap by introducing a new business‐cycle model of consumer durables where households resell their goods on the second‐hand market and the production of new durables is affected by the supply of used goods. The model delivers three conclusions: Markups are smaller for goods that are more durable and more frequently replaced; markups are countercyclical for durables, resolving the comovement puzzle of Barsky, House, and Kimball (2007); and procyclical replacement demand amplifies durables spending.