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Details for article 3 of 8 found articles
| Title: |
Fluctuations In Consumer Durables Expenditure And Fixed Investment of Korea |
| Author: |
Hong, Kiseok |
| Appeared in: |
International economic journal |
| Paging: | Volume 13 (1999) nr. 3 pages 59-65 |
| Year: |
1999 |
| Contents: |
This paper examines time series fluctuations of consumer durables expenditure and Fixed investment. Empirical Studies in the past have typically found that fluctuations in this expenditure series are inconsistent with the standard framework of utility or profit maximization. As a result, the Sources and patterns of the volatility of the series have remained largely unexplained. This paper attempts to provide an alternative description of the series, by exploiting time series implications of the stock adjustment process. A simple stock adjustment identity implies that purchases in durable goods should exhibit strong reversion over time, and that the reversion is the primary source of the volatility in durables expenditure series. Empirical results of the paper support this hypothesis. [E27] |
| Publisher: |
Routledge |
| Source file: |
Elektronische Wetenschappelijke Tijdschriften |
Details for article 3 of 8 found articles
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