Identifying the Depreciation Rate of Durables from Marginal Spending Responses
提出一种利用边际和平均支出份额估计耐用品折旧率的新方法，并应用于中国2008-09年货币政策引发的收入变化，估算出中国耐用品年折旧率为0.17。
Abstract This paper presents a new method to estimate the depreciation rate of durable goods using a combination of identified marginal and average spending shares. We apply our method to Chinese spending responses to disposable income changes induced by monetary policy in 2008–09. The marginal total spending response is 0.40. About 46% of this marginal spending response is due to durable goods. By combining this marginal spending share on durables with an average spending share of 14%, we estimate the annual depreciation rate of durables in China to be 0.17.