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Intertemporal Substitution and Durable Goods: An Empirical Analysis

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Author Info
Yvon Fauvel
Lucie Samson
Abstract

The hypothesis that large fluctuations in observed quantities are induced by intertemporal substitution is frequently used in modern macroeconomics. One channel through which fluctuations in real rates of return on savings can impact on the economy is via their influence on the purchases of durable goods by consumers. This paper proposes and estimates a model of an optimizing agent who is faced with the problem of allocating intertemporally his consumption of nondurable and durable goods when confronted with a fluctuating rate of return. Expectations are assumed to be formed rationally. The authors' analysis of Canadian data is favorable to this class of models.

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Article provided by Canadian Economics Association in its journal Canadian Journal of Economics.

Volume (Year): 24 (1991)
Issue (Month): 1 (February)
Pages: 192-205
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Handle: RePEc:cje:issued:v:24:y:1991:i:1:p:192-205

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  1. Reinhart, Carmen & Ogaki, Masao, 1995. "Measuring intertemporal substitution: The role of durable goods," MPRA Paper 13690, University Library of Munich, Germany. [Downloadable!]
    Other versions:
  2. Reinhart, Carmen & Vegh, Carlos, 1994. "Inflation stabilization in chronic inflation countries: The empirical evidence," MPRA Paper 13689, University Library of Munich, Germany. [Downloadable!]
  3. Reinhart, Carmen & Vegh, Carlos, 1995. "Nominal interest rates, consumption booms, and lack of credibility: A quantitative examination," MPRA Paper 13898, University Library of Munich, Germany. [Downloadable!]
    Other versions:
  4. Reinhart, Carmen & Vegh, Carlos, 1994. "Intertemporal consumption substitution and inflation stabilization:An empirical investigation," MPRA Paper 13427, University Library of Munich, Germany. [Downloadable!]
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