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Durable Goods Cycles


Andrew Caplin


New York University (NYU) - Department of Economics; National Bureau of Economic Research (NBER)

John V. Leahy


New York University (NYU) - Department of Economics; National Bureau of Economic Research (NBER)
February 1999

NBER Working Paper No. w6987

Abstract:     
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, to procyclical markups in response to demand shocks, and to countercyclical markups in response to cost shocks.

Number of Pages in PDF File: 28

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Date posted: June 29, 1999  

Suggested Citation

Caplin, Andrew and Leahy, John V., Durable Goods Cycles (February 1999). NBER Working Paper No. w6987. Available at SSRN: http://ssrn.com/abstract=151991

Contact Information

Andrew Caplin (Contact Author)
New York University (NYU) - Department of Economics ( email )
269 Mercer Street
New York, NY 10003
United States
212-998-8950 (Phone)
212-995-3932 (Fax)
HOME PAGE: http://www.econ.nyu.edu/user/caplina/
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
John V. Leahy
New York University (NYU) - Department of Economics ( email )
269 Mercer Street, 7th Floor
New York, NY 10011
United States
212-992-9770 (Phone)
212-995-4186 (Fax)
HOME PAGE: http://www.nyu.edu/fas/Faculty/LeahyJohn.html
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
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