TY - JOUR
T1 - Lumpy consumer durables, market power, and endogenous business cycles
AU - Krishna, Kala
AU - Yavas, Cemile
PY - 2004/5
Y1 - 2004/5
N2 - In this paper we show that lumpy consumer durables and market power can generate endogenous cycles consistent with the facts. Past sales determine the current market size of durable goods. Larger past sales, ceteris paribus, thus naturally result in a smaller current market size and income. In this manner, the seeds of a downturn are sown in an upturn.
AB - In this paper we show that lumpy consumer durables and market power can generate endogenous cycles consistent with the facts. Past sales determine the current market size of durable goods. Larger past sales, ceteris paribus, thus naturally result in a smaller current market size and income. In this manner, the seeds of a downturn are sown in an upturn.
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U2 - 10.1111/j.0008-4085.2004.00007.x
DO - 10.1111/j.0008-4085.2004.00007.x
M3 - Article
AN - SCOPUS:2542478281
SN - 0008-4085
VL - 37
SP - 375
EP - 391
JO - Canadian Journal of Economics
JF - Canadian Journal of Economics
IS - 2
ER -