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Journal articles on the topic 'Durable consumption'

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Author: Grafiati

Published: 11 March 2023

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1

Andersen, Torben M., and Mikkel Nørlem Hermansen. "Durable consumption, saving and retirement." Journal of Population Economics 27, no. 3 (September 21, 2013): 825–40. http://dx.doi.org/10.1007/s00148-013-0490-8.

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2

Shahidi, Zahra, Ahmad Reza Jalali-Naini, and Majid Einian. "Liquidity Constraints and Durable/Non-durable Consumption Relationship in Iran." Journal of Planning and Budgeting 24, no. 3 (December 1, 2019): 3–34. http://dx.doi.org/10.29252/jpbud.24.3.3.

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3

Martin, Robert F. "Consumption, Durable Goods, and Transaction Costs." International Finance Discussion Paper 2003, no. 756 (January 2003): 1–50. http://dx.doi.org/10.17016/ifdp.2003.756.

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4

Hong, Kiseok. "A comment on durable goods consumption." Journal of Monetary Economics 37, no. 2 (April 1996): 381–91. http://dx.doi.org/10.1016/s0304-3932(96)90042-2.

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5

Yang, Wei. "Long-run risk in durable consumption." Journal of Financial Economics 102, no. 1 (October 2011): 45–61. http://dx.doi.org/10.1016/j.jfineco.2011.03.023.

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6

Sterk, Vincent. "Credit frictions and the comovement between durable and non-durable consumption." Journal of Monetary Economics 57, no. 2 (March 2010): 217–25. http://dx.doi.org/10.1016/j.jmoneco.2009.12.006.

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7

Mallick, Sushanta K., and Mohammed Mohsin. "Macroeconomic Effects of Inflationary Shocks with Durable and Non-Durable Consumption." Open Economies Review 27, no. 5 (June 28, 2016): 895–921. http://dx.doi.org/10.1007/s11079-016-9405-0.

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8

Ren, Yu, and Qin Wang. "Decomposition of durable consumption and equity returns." Applied Economics Letters 28, no. 1 (February 25, 2020): 79–84. http://dx.doi.org/10.1080/13504851.2020.1733469.

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9

Erceg, Christopher, and Andrew Levin. "Optimal monetary policy with durable consumption goods." Journal of Monetary Economics 53, no. 7 (October 2006): 1341–59. http://dx.doi.org/10.1016/j.jmoneco.2005.05.005.

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10

Cuoco, Domenico, and Hong Liu. "Optimal consumption of a divisible durable good." Journal of Economic Dynamics and Control 24, no. 4 (April 2000): 561–613. http://dx.doi.org/10.1016/s0165-1889(99)00003-2.

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11

Chen, Guojin, Zhiwu Hong, and Yu Ren. "Durable consumption and asset returns: Cointegration analysis." Economic Modelling 53 (February 2016): 231–44. http://dx.doi.org/10.1016/j.econmod.2015.12.008.

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12

Khan, Pamir, Yasir Khan, and Said Farooq Shah. "Statistical Analysis of Yearly Consumption Expenditure of the Household on Durable, Non-Durable Goods and Services in Pakistan." STATISTICS, COMPUTING AND INTERDISCIPLINARY RESEARCH 3, no. 2 (December 30, 2021): 13–37. http://dx.doi.org/10.52700/scir.v3i2.48.

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The purpose of the study was to explore the yearly consumption expenditure of household on durable, non-durable goods and services in Pakistan using partial data from Pakistan social and living standards measurement survey. From the hidden patterns in the data using different data mining techniques and statistical tools it has been observed that consumption quintiles in various regions, provinces, genders, and languages are changing. In addition, the mean consumption expenditures per household and mean consumption expenditures per-capita vary according to region, gender, province, and language. While summarizing consumption quintiles and people infected with different diseases, it has been seen that the number of infected people declines as consumption expenditure increases. The Chi-square test revealed that the number of people infected with malaria and hepatitis differs by consumption expenditure quintile. The number of days a person had malaria was negatively correlated with monthly consumption expenditure. The descriptive tables result that woman in rich households are more likely to make decisions in their households related to education and employment. In the regression analysis, women's involvement in decision-making impacts the monthly consumption expenditure per household except for medical decisions.

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13

Khan, Pamir, Yasir Khan, and Said Farooq Shah. "Statistical Analysis of Yearly Consumption Expenditure of the Household on Durable, Non-Durable Goods and Services in Pakistan." STATISTICS, COMPUTING AND INTERDISCIPLINARY RESEARCH 3, no. 2 (December 30, 2021): 13–37. http://dx.doi.org/10.52700/scir.v3i2.48.

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The purpose of the study was to explore the yearly consumption expenditure of household on durable, non-durable goods and services in Pakistan using partial data from Pakistan social and living standards measurement survey. From the hidden patterns in the data using different data mining techniques and statistical tools it has been observed that consumption quintiles in various regions, provinces, genders, and languages are changing. In addition, the mean consumption expenditures per household and mean consumption expenditures per-capita vary according to region, gender, province, and language. While summarizing consumption quintiles and people infected with different diseases, it has been seen that the number of infected people declines as consumption expenditure increases. The Chi-square test revealed that the number of people infected with malaria and hepatitis differs by consumption expenditure quintile. The number of days a person had malaria was negatively correlated with monthly consumption expenditure. The descriptive tables result that woman in rich households are more likely to make decisions in their households related to education and employment. In the regression analysis, women's involvement in decision-making impacts the monthly consumption expenditure per household except for medical decisions.

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14

Hu, Teh-wei, Ming Li, and Shangjin Wei. "Household Durable Goods Ownership in Tianjin, China." China Quarterly 120 (December 1989): 787–99. http://dx.doi.org/10.1017/s0305741000018464.

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The consumption structure in China has undergone a dramatic change since the economic reform started in late 1979. Durable goods ownership, an important aspect of overall consumption, has experi enced an even greater change both in variety and quantity. Analyses of general consumption in China are found in Lardy, Van der Gaag, Hu et al. and Zhang et al.1 Quantitative analysis devoted solely to durable goods consumption in Chinese cities has rarely been undertaken.

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15

McKay, Alisdair, and Johannes F. Wieland. "Lumpy Durable Consumption Demand and the Limited Ammunition of Monetary Policy." Econometrica 89, no. 6 (2021): 2717–49. http://dx.doi.org/10.3982/ecta18821.

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The prevailing neo‐Wicksellian view holds that the central bank's objective is to track the natural rate of interest ( r *), which itself is largely exogenous to monetary policy. We challenge this view using a fixed‐cost model of durable consumption demand, in which expansionary monetary policy prompts households to accelerate purchases of durable goods. This yields an intertemporal trade‐off in aggregate demand as encouraging households to increase durable holdings today leaves fewer households acquiring durables going forward. Interest rates must be kept low to support demand going forward, so accommodative monetary policy today reduces r * in the future. We show that this mechanism is quantitatively important in explaining the persistently low level of real interest rates and r * after the Great Recession.

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16

Márquez, Elena, and Belén Nieto. "Further international evidence on durable consumption growth and long-run consumption risk." Quantitative Finance 11, no. 2 (February 2011): 195–217. http://dx.doi.org/10.1080/14697680903067120.

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17

Tsai, Yi-Chan. "WHAT DO WORKING CAPITAL AND HABIT TELL US ABOUT THE CO-MOVEMENT PROBLEM?" Macroeconomic Dynamics 20, no. 1 (July 24, 2014): 342–61. http://dx.doi.org/10.1017/s1365100514000418.

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Empirical studies find that expenditures on both durable and nondurable goods fall following a contractionary monetary policy shock. However, in standard two-sector models with staggered nondurable goods prices and flexible durable goods prices, consumption of durables rises whereas that of nondurables falls in response to a contractionary policy shock. To resolve this co-movement problem, I extend the model to include a realistic financial friction that firms must pay for their productive inputs prior to production, i.e., working capital, along with habit formation in nondurable goods consumption. Following a positive interest rate shock, the working capital channel raises production costs, thereby discouraging production of both durable and nondurable goods. Furthermore, habit formation induces households to smooth the growth rate of nondurable goods consumption, and hence mitigates the fall in the nondurable goods sector. The model solves the co-movement problem and successfully generates a more sensitive response in the durable goods sector, as observed in the data.

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18

Startz, Richard. "The Stochastic Behavior of Durable and Nondurable Consumption." Review of Economics and Statistics 71, no. 2 (May 1989): 356. http://dx.doi.org/10.2307/1926985.

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19

Gregorio, José De, Pablo Guidotti, and Carlos Vegh. "Inflation Stabilisation and the Consumption of Durable Goods." Economic Journal 108, no. 446 (January 1, 1998): 105–31. http://dx.doi.org/10.1111/1468-0297.00276.

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20

Costa, Dora L., and Matthew E. Kahn. "Electricity Consumption and Durable Housing: Understanding Cohort Effects." American Economic Review 101, no. 3 (May 1, 2011): 88–92. http://dx.doi.org/10.1257/aer.101.3.88.

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We find that households living in California homes built in the 1960s and 1970s had high electricity consumption in 2000 relative to houses of more recent vintages because the price of electricity at the time of home construction was low. Homes built in the early 1990s had lower electricity consumption than homes of earlier vintages because the price of electricity was higher. The elasticity of the price of electricity at the time of construction was -0.22. As homes built between 1960 and 1989 become a smaller share of the housing stock, average household electricity purchases will fall.

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21

EJARQUE, JOÃO MIGUEL. "Uncertainty, Irreversibility, Durable Consumption and the Great Depression." Economica 76, no. 303 (July 2009): 574–87. http://dx.doi.org/10.1111/j.1468-0335.2008.00694.x.

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22

Li, Hongbin, Xinzheng Shi, and Binzhen Wu. "The Retirement Consumption Puzzle in China." American Economic Review 105, no. 5 (May 1, 2015): 437–41. http://dx.doi.org/10.1257/aer.p20151007.

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Using data from China's Urban Household Survey and exploiting China's mandatory retirement policy, we use the regression discontinuity approach to estimate the impact of retirement on household expenditures. Retirement reduces total non-durable expenditures by 20 percent. Among the categories of non-durable expenditures, retirement reduces work-related expenditures and expenditures on food consumed at home but has an insignificant effect on entertainment expenditures. After excluding these three components, retirement does not have an effect on the remaining non-durable expenditures. It suggests that the retirement consumption puzzle might not be a puzzle if a life-cycle model with home production is considered.

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23

Hu, Sheng Cheng. "Transactions cost and durable consumption: A general-equilibrium approach." Journal of Macroeconomics 16, no. 3 (June 1994): 383–402. http://dx.doi.org/10.1016/0164-0704(94)90013-2.

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24

Hošková, Elena, Martin Richter, and Iveta Zentková. "The Influence of Income on the Consumption Expenditures." Visegrad Journal on Bioeconomy and Sustainable Development 9, no. 1 (May 1, 2020): 15–18. http://dx.doi.org/10.2478/vjbsd-2020-0003.

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AbstractThe contribution aims to identify the influence of income on Slovak household expenditures. Analyses are querying from the household income and expenditures data in the Slovak Republic during the period 2004–2018. The data source is the Statistical Office of The Slovak Republic. Descriptive statistics and regression analysis are used. The analysis of the goods and services expenditures reveals the major share of the expenditures is expended for the non-durable goods. The non-durable goods expenditures of the pensioners are 72% of their total consumption expenditures. Expenditures of employees, self-employees and other households for the non-durable goods present more than a half of their total expenditures. The share of services expenditures is also considerable. It is varying above 30% for all households kinds. The income influence on the household expenditures is analyzed using Engel’s expenditures functions which are used as the basis for the income elasticities of household expenditures. The analysis results are pointing to the fact that the less elastic on the income change is the reaction of the Slovak household expenditures on non-durable goods. A significant reaction on the income change is observed in household durable goods expenditures.

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25

Rong, Zhao, and Yao Feng. "Local spillovers and durable adoption: evidence from durable consumptions in rural China." China Agricultural Economic Review 6, no. 1 (January 28, 2014): 158–74. http://dx.doi.org/10.1108/caer-02-2012-0019.

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Purpose – The effects of social learning and network externalities in the diffusion of a new product imply that there should be local spillovers from existing owners to new adopters in a closely related community. Using the data from a unique household survey in rural China, this paper aims to examine the importance of local spillovers in the diffusion of two major durable goods, washing machine and refrigerator. Design/methodology/approach – Based on a 1999 rural household survey of durable goods consumption conducted by the National Bureau of Statistics (NBS) of China, the authors examine the likelihood of rural households adopting a washing machine and a refrigerator during 1998-1999, respectively. Findings – The estimation results indicate that a household is more likely to buy its first durable good in villages where a large share of households already own one. Further evidence suggests that these patterns are unlikely to be explained by unobserved local characteristics. When examined in more detail, the extent of local spillovers appears to be positively related to the household education level. Originality/value – First, the study reveals the importance of local spillovers in the diffusion of these two durables. Specifically, 64 percent of washing machine adoptions during 1998-1999 are due to these spillovers. For refrigerator adoptions, the proportion is 55 percent. Second, to the authors' best knowledge, the authors are among the first to test and provide evidence on the interaction between education level and local spillovers based on the learning hypothesis.

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26

Jankiewicz, Mateusz. "Cultural Differences and the Consumption Structure in the European Union Countries." Acta Universitatis Lodziensis. Folia Oeconomica 5, no. 344 (October 31, 2019): 101–13. http://dx.doi.org/10.18778/0208-6018.344.07.

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The aim of the paper is to study the cultural differentiation in the European Union countries and compare it with the differentiation in their consumption spending. The question is whether similar countries in terms of culture have similar final consumption expenditures and consumption structures. Culture in this research is characterised by six Hofstede dimensions – power distance, individualism vs. collectivism, masculinity vs. femininity, uncertainty avoidance, long term orientation and indulgence vs. restraint. The consumption structure is characterised by share of durable goods, semi‑durable goods, non‑durable goods and services in households’ final consumption. In the analysis, the influence of culture on the share of non‑durable goods and services in final consumption expenditures is considered. Countries’ similarities in these two aspects are evaluated with the use of the cluster analysis approach – the k‑means algorithm and the Ward clustering method. The dependence between the structure of final consumption expenditures and culture is investigated using spatial autoregressive (SAR) and spatial error (SE) panel data models.

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27

Damgaard, Anders, Brian Fuglsbjerg, and Claus Munk. "Optimal consumption and investment strategies with a perishable and an indivisible durable consumption good." Journal of Economic Dynamics and Control 28, no. 2 (November 2003): 209–53. http://dx.doi.org/10.1016/s0165-1889(02)00135-5.

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28

Fernández-Villaverde, Jesús, and Dirk Krueger. "CONSUMPTION AND SAVING OVER THE LIFE CYCLE: HOW IMPORTANT ARE CONSUMER DURABLES?" Macroeconomic Dynamics 15, no. 5 (March 16, 2011): 725–70. http://dx.doi.org/10.1017/s1365100510000180.

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In this paper we investigate whether a standard life-cycle model in which households purchase nondurable consumption and consumer durables and face idiosyncratic income and mortality risk as well as endogenous borrowing constraints can account for two key patterns of consumption and asset holdings over the life cycle. First, consumption expenditures on both durable and nondurable goods are hump-shaped. Second, young households keep very few liquid assets and hold most of their wealth in consumer durables. In our model durables play a dual role: they both provide consumption services and act as collateral for loans. A plausibly parameterized version of the model predicts that the interaction of consumer durables and endogenous borrowing constraints induces durables accumulation early in life and higher consumption of nondurables and accumulation of financial assets later in the life cycle, of an order of magnitude consistent with observed data.

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29

Piwońska, Kalina, Michalina Urbańska, Eliza Pilarska, Maciej Miniszewski, Jakub Staniszewski, and Łukasz Kryszak. "Managing sustainable consumption of durable goods – A systematic literature review." Management 25, no. 2 (December 1, 2021): 73–90. http://dx.doi.org/10.2478/manment-2019-0074.

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Summary The production and use of durable goods have severe consequences for the natural environment. Reducing those influences is highly desirable and is possible to achieve by changing customers’ preferences and promoting the purchase and usage of more green or eco-friendly substitutes. In this paper, we aimed to answer the following questions: (1) What are the main determinants of WTP for sustainable durable goods? (2) What are the main policy measures that influence WTP, and do they have a significant impact on it? (3) What are the main contributions of authors dealing with the topic of sustainable consumption? A manual content analysis was conducted, based on a sample of papers downloaded from the SCOPUS database that address the issue of willingness to pay for sustainable durable goods. Our analyses revealed that the socioeconomic characteristics of consumers have a significant impact on their WTP. Additionally, it has been proven that subjectively expressed environmental awareness correlates with eco-friendly declarations and actual behaviour. The most common policy measures to promote sustainable products were labelling and certification. There is significant room for further research by adding new contexts to previous analyses and also by looking for possibilities to transfer theoretical knowledge into business practice.

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30

Piskiewicz, Lucyna, and Małgorzata Radziukiewicz. "Stock of Durable Goods in Households." Wiadomości Statystyczne. The Polish Statistician 63, no. 10 (October 29, 2018): 37–55. http://dx.doi.org/10.5604/01.3001.0014.0703.

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The aim of the article is to discuss the stock of durable goods in households and consumer behaviours in the market for domestic appliance, RTV, and ICT devices. The research dealt with: equipment of households with durables taking into account the age and the number of products possessed, stock of modern goods, the scale of unsatisfied needs in this respect, the factors determining the choice of durables, consumers’ attitudes towards market novelties in this group of products as well as the opinions on the exchange of possessed goods for the new ones. The analyses were based on the data from the survey of household budgets of Statistics Poland for 2015 and the results of surveys conducted with the CAPI (Computer Assisted Personal Interview) method by the Institute for Market, Consumption and Business Cycles Research in the years 2012—2015 within the research project of the National Science Centre entitled Consumption in an innovative economy. The findings of the research indicate improvement in the condition of households equipment. More and more modern goods are owned, which affects the increase in the standard of equipment and, consequently, the value of the property possessed.

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31

Alvarez, Fernando, Luigi Guiso, and Francesco Lippi. "Durable Consumption and Asset Management with Transaction and Observation Costs." American Economic Review 102, no. 5 (August 1, 2012): 2272–300. http://dx.doi.org/10.1257/aer.102.5.2272.

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The empirical evidence on rational inattention lags the theoretical developments: micro evidence on one of the most immediate consequences of observation costs––the infrequent observation of state variables––is not available in standard datasets. We contribute to filling the gap using new household surveys. To match these data we modify existing models, shifting the focus from nondurable to durable consumption. The model features both observation and transaction costs and implies a mixture of time-dependent and state-dependent rules. Numerical simulations explain the frequencies of trading and observation of the median investor with small observation costs and larger transaction costs. (JEL D12, D14, E21, G11)

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32

Luo, Yulei, Jun Nie, and Eric R. Young. "SLOW INFORMATION DIFFUSION AND THE INERTIAL BEHAVIOR OF DURABLE CONSUMPTION." Journal of the European Economic Association 13, no. 5 (March 31, 2015): 805–40. http://dx.doi.org/10.1111/jeea.12125.

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33

Schaninger, Charles M., Jacques C. Bourgeois, and W. Christian Buss. "French-English Canadian Subcultural Consumption Differences." Journal of Marketing 49, no. 2 (March 1985): 82–92. http://dx.doi.org/10.1177/002224298504900207.

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Consumption differences were examined between French-speaking, bilingual, and English-speaking Canadian families from the greater Ottawa/Hull metropolitan area. Significant differences were found for a wide variety of consumption behaviors, media usage, and durable goods ownership. These differences existed even after social class and income were removed.

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34

Kim, Kwang Hwan, and Sukgee Choi. "The Effects of Credit Supply Shocks on Durable and Nondurable Consumption." Journal of Market Economy 48, no. 1 (February 28, 2019): 123–53. http://dx.doi.org/10.38162/jome.48.1.4.

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35

Ghose, Amitabha, and Bibhas Chandra. "Consumption Behaviour Towards Green Durable Products : The Moderating Role of Demographics." Indian Journal of Marketing 48, no. 6 (June 1, 2018): 22. http://dx.doi.org/10.17010/ijom/2018/v48/i6/127834.

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36

Gali, Jordi. "Variability of Durable and Nondurable Consumption: Evidence for Six O.E.C.D. Countries." Review of Economics and Statistics 75, no. 3 (August 1993): 418. http://dx.doi.org/10.2307/2109455.

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37

Cai, Weixian, Jian Chen, and Hui Ding. "Medical Insurance Effects on Household Durable Goods Consumption: Evidence from China." Emerging Markets Finance and Trade 52, no. 2 (December 18, 2015): 449–60. http://dx.doi.org/10.1080/1540496x.2016.1110461.

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38

Bosch, J. C. "PORTFOLIO CHOICES, CONSUMPTION, AND PRICES IN A MARKET WITH DURABLE ASSETS." Journal of Financial Research 9, no. 3 (September 1986): 239–50. http://dx.doi.org/10.1111/j.1475-6803.1986.tb00454.x.

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39

Ghose, Amitabha, and Bibhas Chandra. "Models for Predicting Sustainable Durable Products Consumption Behaviour: A Review Article." Vision: The Journal of Business Perspective 24, no. 1 (August 27, 2019): 81–89. http://dx.doi.org/10.1177/0972262919860962.

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This conceptual article examines the theory of reasoned action and theory of planned behaviour and some of its important extension models developed to find out consumers’ purchase behaviour for sustainable products. It has been observed in the first two models that consumers’ attitude, subjective norms, perceived behavioural control influences intention and purchase behaviour for sustainable product consumption. Further, in the extension models, it is observed that consumers’ confidence, environmental attitude, values, past experience, consumers’ willingness, social pressure, perceptions and feelings also influences consumers’ purchase intention and behaviour towards sustainable product consumption. Based on these studies, a conceptual model is proposed where moral obligation (values and ethics) and emotion are incorporated as separate constructs which may influence attitude and purchase intention, and consumers’ habit is taken under perceived behavioural control, which may also influence consumers’ purchase intention. Researchers further may test the proposed model using moderating role of demographic factors between purchase intention and purchase behaviour for sustainable durable products for Indian consumers.

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40

Cheng, Hong-Jhong, Nan-Yu Wang, Chien-Wen Peng, and Chih-Jen Huang. "WILL THE HOUSING WEALTH EFFECT COMPENSATE THE MACRO-ECONOMY? EVIDENCE FROM TAIWAN’S DOMESTIC CONSUMPTION." International Journal of Strategic Property Management 24, no. 3 (April 7, 2020): 197–214. http://dx.doi.org/10.3846/ijspm.2020.12169.

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This paper examines the relationship between the escalation in housing prices and categories of Taiwan’s domestic consumption. While disposable income remains constant, a rapid escalation in housing prices should have a negative impact on unaffordability within society. However, under the hypothesis of the housing wealth effect, an increase in housing values should compensate the macro-economy by increasing consumption in the GDP calculation. Taiwanese data from 2007Q1 to 2018Q1 were adopted as the sample. From the vector error correction model results, it was found that over the course of the long-run equilibrium relationship, there was a statistically significant positive relationship that the society consumes more on durable goods of communication-related nature, as well as on non-durable goods such as personal clothing and accessories and leisure/cultural tourism. As for the short-run dynamic adjustment, there was a statistically significant positive relationship that the society consumes more in the durable goods component categories. It was identified that transportationrelated consumption accounted for the major part of the durable goods component. Therefore, with the rapid escalation in housing prices, it was observed that these consumption would compensate the consumption figures in the GDP calculation in Taiwan, thereby providing evidence that housing prices were related to macroeconomic performance.

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41

PACZKA, EDYTA. "SUSTAINABLE CONSUMPTION AND A SUSTAINABLE ECONOMIC DEVELOPMENT." sj-economics scientific journal 31, no. 4 (December 30, 2018): 196–204. http://dx.doi.org/10.58246/sjeconomics.v31i4.60.

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The primary impediment on the road to sustainable growth are, developed above actual needs, patterns of production and consumption, realized at the expense of pollution of natural environment, depletion of natural resources and deterioration of the quality of life of current and future generations. The concept of balanced and sustainable consumption is an alternative to abusive consumption. It takes into account environmental requirements as well as the rules of social responsibility. Sustainable consumption allows for continuous reproduction of the object of consumption and reaching durable, relatively equally distributed individual and social wealth in a long period of time. Durable consumption, being an interpretation of sustainable development in the sphere of consumption, assumes increase of buyers’ awareness, as they make responsible decisions and limit their material needs. The article describes the essence of sustainable development and sustainable consumption and presents consumer trends and movements related to it.

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42

Zheng, Dandan, Shusheng Ding, Tianxiang Cui, and Huan Jin. "Real Economy Effects on Consumption-Based CAPM." Mathematics 10, no. 3 (January 25, 2022): 360. http://dx.doi.org/10.3390/math10030360.

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The consumption-based capital asset pricing model (CCAPM) is an attractive research field in finance, and extant studies have examined the impacts of different factors towards traditional CCAPM, intending to improve the model from the practical perspective. In this paper, we comprehensively scrutinize the real economy effects on the CCAPM by comprising expenditure on durable, expenditure on non-durable goods, services, and real estate four factors. Our study pays great attention to the real economy effect on the CCAPM based on two types of portfolios. By employing both time-series and cross-sectional analysis, our empirical results suggest that the real economy factors can help traditional CCAPM to produce better asset pricing results. Particularly, incorporating the real estate component into the CCAPM model can improve its explanation power on the stock market risk. Our results are potentially useful for investors, portfolios managers and policy makers towards the CCAPM.

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43

Grigoryev, L. M., Z. S. Elkina, P. A. Mednikova, D. A. Serova, M. F. Starodubtseva, and E. S. Filippova. "The perfect storm of personal consumption." Voprosy Ekonomiki, no. 10 (October 11, 2021): 27–50. http://dx.doi.org/10.32609/0042-8736-2021-10-27-50.

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The COVID-19 pandemic forced the governments of almost all countries to introduce lockdowns in 2020, which sharply reduced the supply in a number of large service sectors: transport, recreation, catering, tourism. The recession began without a crisis, and the unique supply of cheap money and fiscal incentives prevented the development of a “liquidity crunch”. On the contrary, it led to an increase in stock prices, real estate prices, and a reduction in bankruptcies. There was no drop in the value of pension and investment funds. The working population has faced a reduction in employment in labor-intensive service industries, a violation of traditional lifestyle models. The course of the recession in these conditions has changed the structure of personal consumption in developed countries, with its severe adaptation in medium-developed and less developed countries. The pandemic and the recession have caused an uneven compression of activity and consumption across social strata that leads to an increase in social disparities on exiting the recession. The drivers of the demand-side recovery in developed countries are the growth of investments in housing and durable goods, and developing countries are gradually restoring normal consumption of non-durable goods and exports.

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KOH, WINSTON T. H. "HOUSEHOLD HETEROGENEITY AND OPTIMAL INTER-TEMPORAL PRICING FOR A DURABLE-GOOD MONOPOLY." Singapore Economic Review 51, no. 03 (December 2006): 395–403. http://dx.doi.org/10.1142/s0217590806002494.

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In this paper, I extend the analysis in Koh (2006) to examine the optimality of inter-temporal price discrimination for a durable-good monopoly in a model where infinitely-lived households consume both durable goods and a stream of non-durable goods subject to different inter-temporal budget constraints. I also consider the multi-dimensional setting where households differ in both inter-temporal budget constraints and the utilities they derive from the consumption of the durable good.

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45

Nakanishi, Noritsugu. "An Overlapping-Generations Model of International Trade with a Durable Consumption Good." International Economy, no. 6 (2000): 21–38. http://dx.doi.org/10.5652/internationaleconomy.2000.21.

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Gómez, Manuel A. "Discrete Versus Continuous Time in an Endogenous Growth Model with Durable Consumption." Mathematical Economics Letters 2, no. 3-4 (November 30, 2014): 67–75. http://dx.doi.org/10.1515/mel-2014-0012.

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AbstractThe choice of time as a discrete or continuous variable may radically affect the stability of equilibrium in an endogenous growth model with durable consumption. In the continuous-time model the steady state is locally saddle-path stable with monotonic convergence. However, in the discrete-time model the steady state may be unstable or saddle-path stable with monotonic or oscillatory convergence.

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Jung, Yongseung, Soyoung Kim, Doo Yong Yang, and Tack Yun. "Are Asian Business Cycles Different?" Asian Economic Papers 12, no. 3 (October 2013): 94–113. http://dx.doi.org/10.1162/asep_a_00224.

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This paper studies the unusual features of emerging economy business cycles in Asia. When we assess whether approaches from the previous literature can explain Asian business cycles, we conclude that standard models based on permanent growth shocks do not replicate key features of Asian business cycles. The evidence suggests that different transmission mechanisms explain the connections between consumption, net exports, and export or import in Latin America and Asia. For evidence of a special transmission mechanism, we study durable goods business cycles in Asia (Korea), noting that strong pro-cyclical durable goods consumption may be explained by the export-income channel coupled with market laddering by which firms have expanded the variety and quality of their durable goods production.

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DRAKE, LEIGH, and ADRIAN R. FLEISSIG. "A NOTE ON THE POLICY IMPLICATIONS OF USING DIVISIA CONSUMPTION AND MONETARY AGGREGATES." Macroeconomic Dynamics 12, no. 1 (November 16, 2007): 132–49. http://dx.doi.org/10.1017/s1365100507060361.

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Using U.K. data that are consistent with utility maximizing behavior by consumers, we construct aggregates for both consumption goods (nondurables and services) and monetary assets that are consistent with economic aggregation theory. Using these aggregates and the stock of durable goods, we estimate the elasticities of substitution between various consumption goods and monetary assets. These estimates are compared to the corresponding results from conventional monetary and consumption aggregates. The results give important information for monetary policy and the monetary transmission mechanism. In particular, these substitution estimates provide insight into the recent changes in expenditure on durable goods. We also show that the use of conventional U.K. consumption and monetary aggregates often give incorrect estimates of substitution and can provide misleading policy insights.

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Tatavarthy, Aruna Divya, and Kanchan Mukherjee. "Payment methods and their effect on durable goods replacement." Journal of Consumer Marketing 36, no. 4 (June 10, 2019): 484–93. http://dx.doi.org/10.1108/jcm-11-2017-2435.

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Purpose Unlike point of purchase behavior, not much is known about how payment method impacts post-purchase behavior, especially for durable goods where user experience can last over long periods. The purpose of this paper is to link two strands of literature for the first time by uncovering systematic linkages between the payment method (upfront cash vs loan) used for purchase of durable goods and the replacement timings for the same. Design/methodology/approach The authors predict that cash purchases are more likely to have shorter replacement horizons compared to loan purchases and propose a psychological mechanism that accounts for the same. Their arguments are based on how the strength of coupling, which is the degree of psychological association between payment and consumption, depends on the payment method and differentially influences the consumption experience and consequently leads to different replacement horizons. They conduct a field study to test their predictions and find support for their model. Findings The authors find that individuals who financed their durable goods purchases using loan, expressed their intentions to replace the goods after longer period than those who financed their durable goods with cash down payment. As loan installments remind people of painful thoughts of payment, they tend to reduce the dissonance by positively evaluating both retrospective and anticipated usage experiences. This dissonance reduction mechanism eventually leads to reduced willingness to let go of the durable. Practical implications Marketers are faced with a tradeoff between increasing purchase likelihood versus ensuring long-term post-purchase satisfaction. In this paper, the authors uncover the psychological mechanisms that can explain how payment method chosen to pay for a durable can have direct effect on post-purchase consumption experiences and subsequently in the replacement intentions. This finding is crucial for marketers who are interested in planning the product line launches and other post-purchase engagement strategies such as buy-back scheme and upgrades. Social implications Understanding the psychological mechanisms that explain individual’s likelihood to replace their durable goods allows policymakers to design appropriate interventions to induce more sustainable and efficient use of durable goods in the market. While on one hand, marketers might be interested in increasing sales of their product line by inducing faster replacement of older product versions, environmentalists nudge towards the opposite. This paper provides a possible way to achieve the dual objectives. Originality/value While past research on downstream effects of payment methods on behavioral outcomes focused only on consumables, the authors focus on durable goods. Further, they identify the effect of payment method on both psychological and behavioral outcomes.

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Tolar, Martin M., Paul W. B. Hyland, and Charles E. O'Mara. "The Non–durable Consumption Expenditure Decision–making Process: Lessons from the Australian Experience." Vikalpa: The Journal for Decision Makers 23, no. 2 (April 1998): 19–27. http://dx.doi.org/10.1177/0256090919980204.

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In recent years⁄ the Indian economy has undergone a number of reforms, resulting in a more marketoriented economy. These reforms have also seen the emergence of a growing middle class with a high disposable income. This increased prosperity has led to increases in demand for both durable and nondurable consumer items. This paper by Tolar⁄ Hyland, and O'Mara reports upon a study of Australian consumers that is designed to provide manufacturers, retailers, and distributors of nondurable goods and services with an insight into what information influences consumers to purchase these items. In doing so, the paper also reports upon India's developing consumer markets. The results of the survey are then applied to the Indian experience with a view to presenting Indian managers with an insight into what determinants consumers take into consideration when purchasing non-durable goods and services.

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