Residential College | false |
Status | 已發表Published |
Durable goods and consumer behavior with liquidity constraints | |
Kim, H. Youn1; Molina, José Alberto2; Wong, K. K.Gary3 | |
2023-09-12 | |
Source Publication | Scandinavian Journal of Economics |
ABS Journal Level | 3 |
ISSN | 0347-0520 |
Volume | 126Issue:1Pages:155-193 |
Abstract | This paper presents an integrated model of intratemporal demand and intertemporal consumption, with allowance for durable goods and liquidity constraints. Demand equations for non-durable and durable goods with the user cost of durable goods are jointly estimated with a consumption Euler equation incorporating liquidity constraints for Norwegian consumers from 1978 to 2018. Results show that demand analyses ignoring durable goods lead to a significant bias in the elasticities of non-durable goods. Norwegian consumers are found to be impatient, with low risk aversion. There is weak evidence for liquidity constraints in consumption. No strong evidence exists for intertemporal substitution in consumption, but a considerable effect of uncertainty is found in durable consumption. |
Keyword | Euler Equation Indirect Utility Function Intertemporal Substitution Risk Aversion User Cost Of Durable Goods |
DOI | 10.1111/sjoe.12546 |
URL | View the original |
Indexed By | SSCI |
Language | 英語English |
WOS Research Area | Business & Economics |
WOS Subject | Economics |
WOS ID | WOS:001113343900001 |
Publisher | WILEY, 111 RIVER ST, HOBOKEN 07030-5774, NJ |
Scopus ID | 2-s2.0-85178394247 |
Fulltext Access | |
Citation statistics | |
Document Type | Journal article |
Collection | DEPARTMENT OF ECONOMICS |
Corresponding Author | Kim, H. Youn |
Affiliation | 1.Western Kentucky University, Bowling Green, 42101, United States 2.University of Zaragoza, Zaragoza, 50005, Spain 3.University of Macau, Taipa, Macao |
Recommended Citation GB/T 7714 | Kim, H. Youn,Molina, José Alberto,Wong, K. K.Gary. Durable goods and consumer behavior with liquidity constraints[J]. Scandinavian Journal of Economics, 2023, 126(1), 155-193. |
APA | Kim, H. Youn., Molina, José Alberto., & Wong, K. K.Gary (2023). Durable goods and consumer behavior with liquidity constraints. Scandinavian Journal of Economics, 126(1), 155-193. |
MLA | Kim, H. Youn,et al."Durable goods and consumer behavior with liquidity constraints".Scandinavian Journal of Economics 126.1(2023):155-193. |
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