Interest Rates and the Market for New Light Vehicles
研究了利率变化如何通过消费者和制造商两个渠道影响新型轻型汽车的需求与供给，发现家庭渠道对价格和产量增长的影响更大。
Abstract We study the impact of interest rate changes on the demand and supply of new light vehicles in an environment where consumers and manufacturers face their own interest rates. Interest rate changes impact the auto market through both households and manufacturers. For the impact of rate changes on price and output growth, the household channel is quantitatively more important. A 100 basis‐point increase in both interest rates causes annual growth rates of production to fall from 1.0% to −11.0% and sales to fall from 1.0% to −2.9% in the short run.