Journal Of The Econometric Society

An International Society for the Advancement of Economic
Theory in its Relation to Statistics and Mathematics

Edited by: Guido W. Imbens • Print ISSN: 0012-9682 • Online ISSN: 1468-0262

Econometrica: Jan, 2015, Volume 83, Issue 1

Consumption Dynamics During Recessions
p. 101-154

David Berger and Joseph Vavra

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Supplemental Material

Supplement to "Consumption Dynamics During Recessions"

This zip file contains the replication files for the manuscript.

Supplement to "Consumption Dynamics During Recessions"

This supplement extends the model to include two features which are particularly important for housing markets: rental markets and collateralized borrowing. It describes the solution for the model with fixed costs in general equilibrium.  It also argues that time-series data on durable spending provides additional support for the theoretical model with fixed costs of durable adjustment. Finally it describes a representative agent version of the durable model with quadratic adjustment costs.