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| Author: | Bils, M. Klenow, P. |
| Title: | Using consumer theory to test competing business cycle models |
| Journal: | Journal of Political Economy
1998 : APR, VOL. 106:2, p. 233-261 |
| Index terms: | CONSUMERS THEORIES COMPETITION |
| Language: | eng |
| Abstract: | Consumer theory suggests that expenditures on luxuries and durables should be more cyclical than expenditures on necessities and nondurables. Estimating luxuriousness and durability for 57 consumer goods, the authors confirm this prediction in U.S. data. They exploit this finding to test predictions of cyclical utilization and increasing returns models of business cycles. Both models predict more cyclical productivity for durable luxuries, a predictions borne out in the data. |
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