Shiva: Beyond the Elasticity: How the Tax Wedge Improves Predictions of Durable Spending, Kartoniert / Broschiert

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Durable goods, such as cars, appliances, and furniture, differ significantly from non-durable goods in terms of purchasing patterns. Consumers don't buy them frequently, and the decision to purchase is often driven by a complex interplay of factors beyond just income. These factors include:
Replacement Needs: Durable goods eventually wear out and need replacing. This replacement demand can be somewhat independent of income fluctuations.
Financing Options: Durable goods often have high upfront costs, leading to reliance on credit and loan terms. Interest rates and down payment requirements can significantly impact purchasing decisions.
Durability and Technological Advancements: The lifespan of durable goods is increasing, leading to longer replacement cycles. Additionally, rapid technological advancements can influence upgrade decisions.