내구재 소비와 (S, s)모형: 가계패널자료 분석 = Consumer Durables and (S, s) Policy: Evidence from Policy Data

다국어 초록 (Multilingual Abstract)

Using Korean household data, this paper examines how consumption of durable goods is determined. Previous studies report that the standard Permanent Income Hypothesis (PIH), while being broadly consistent with non-durable goods consumption, provides little explanation for durable goods consumption. In this paper, we consider the (S, s) model as an alternative to the standard PIH. The (S, s) model predicts that, because of fixed adjustment costs, consumers make no adjustment to the durable goods stock until deviation from the optimal level becomes large. When the adjustments are made, the durable goods stock attains the optimal level. In order to test this prediction, we examine the intra-temporal relationship between non-durable goods and durable goods consumption and intertemporal changes in durable goods consumption, using data from the Korean Household Panel Study. The results show that, while the standard PIH is rejected by the data, the (S, s) model is not.

국문 초록 (Abstract)

본 논문은 우리나라 가계의 내구재 소비 결정에 관한 실증분석이다. 기존의 연구에 의하면 표준적인 항상소득가설은 비내구재 소비에 대해서는 비교적 높은 설명력을 나타내지만 내구재 소비에 대해서는 설명력이 거의 없는 것으로 나타난다. 본 연구에서는 이러한 항상소득가설의 대안으로서 조정비용의 존재를 허용하는 (S, s)모형을 고려한다. (S, s)모형에 의하면 내구재 소비는 조정비용 때문에 매 순간 최적 수준을 유지하지는 못하지만, 일단 조정이 이루어지는 경우에는 최적 수준을 달성할 것으로 예상된다. 본 논문은 (S, s)모형의 이러한 예측을 검증하기 위하여 한국가구 패널조사자료에 나타난 각 가계의 내구재 소비와 비내구재 소비의 관계 및 내구재 소비의 기간 간 변화를 살펴본다. 분석결과에 의하면 표준적인 항상소득가설은 기각되는 반면 (S, s)모형은 대체로 자료와 일치하는 것으로 나타난다.

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