| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15361 |
| DP15361 (S)Cars and the Great Recession | |
| Morten Ravn; Orazio Attanasio; Kieran Larkin; Mario Padula | |
| 发表日期 | 2020-10-12 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | US households' consumption and car purchases collapsed during the Great Recession for reasons that are still poorly understood. In this paper we use the Consumer Expenditure Survey to derive cohort and business cycle decompositions of consumption prfioles. When decomposing the car expenditure data into its extensive and intensive margins, we find that the intensive margin contracted sharply in the Great Recession, a finding in stark contrast to conventional wisdom and to the experience of prior recessions. We interpret the evidence through the prism of a very rich life-cycle model where individuals are subject to idiosyncratic uninsurable income shocks, aggregate income shocks, wealth shocks, and credit shocks. We show that, because of their salience and the transaction costs, cars are particularly sensitive to changes in the perception of future expected income and its variability. We find that on top of a large aggregate income shock, life-cycle income profile shocks and wealth shocks are important determinants of consumption choices during the Great Recession. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Consumption Durables adjustment The great recession |
| URL | https://cepr.org/publications/dp15361 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/544343 |
| 推荐引用方式 GB/T 7714 | Morten Ravn,Orazio Attanasio,Kieran Larkin,et al. DP15361 (S)Cars and the Great Recession. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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