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consumption goods market for the case of China, 1954-83. We explicitly recognize the endogeneity of money in the CPE and do not …
Persistent link: https://www.econbiz.de/10012476926
We use a detailed micro dataset on product availability to construct a direct high-frequency measure of consumer product shortages during the 2020-2021 pandemic. We document a widespread multi-fold rise in shortages in nearly all sectors early in the pandemic. Over time, the composition of...
Persistent link: https://www.econbiz.de/10012629429
allocation. We develop a two-stage estimation approach and apply it to China's loan-level data that covers all sectors in the …
Persistent link: https://www.econbiz.de/10012481311
We estimate the quantity-based monetary policy system in China. We argue that China's rising shadow banking was …
Persistent link: https://www.econbiz.de/10012455304
This paper shows that the usual excess-burden triangle' formula performs poorly when used to assess the excess burden from taxes on intermediate inputs or consumer goods, and derives a practical alternative to this formula. We use an analytically tractable general equilibrium model to reveal how...
Persistent link: https://www.econbiz.de/10012471766
We show that a straight forward approximation of the distribution of durable goods holdings gives rise to a tractable equilibrium (S,s) model of durable demand. We analyze both competitive and monopoly supply. We show that equilibrium interactions lead to elongated impulse responses in demand,...
Persistent link: https://www.econbiz.de/10012471821
Globalization -- the integration of national economies -- has become one of the most widely used buzzwords of the late 20th century. Yet there are remarkably few statistical measures of product-market integration across time, countries, and goods. In this paper we present some new measures of...
Persistent link: https://www.econbiz.de/10012471838
This paper uses new data to reexamine trends in concentration in U.S. markets from 1994 to 2019. The paper's main contribution is to construct concentration measures that reflect narrowly defined consumption-based product markets, as would be defined in an antitrust setting, while accounting for...
Persistent link: https://www.econbiz.de/10012510624
This paper presents an extension of the life-cycle permanent-income model of consumption to the case of a durable good whose purchase involves lumpy trans- actions costs. Where individual behavior is concerned, the implications of the model are different in some respects from those of standard...
Persistent link: https://www.econbiz.de/10012476920
One important channel through which real interest rates affect aggregate demand is consumer expenditure on durable goods. This paper examines empirically the link between interest rates and consumer durables. Solving for the decision rule relating income and interest rates to consumer demand is...
Persistent link: https://www.econbiz.de/10012477953