Rev. Bras. Econ. vol.54 número2

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Despite the higher volatility in consumption, hours and productivity series, the model does not make a good match because output and investment are both 1.3 times more volatile than

Once the seller has observed first-period sales, he decides on his marketing strategy for the second-period, he chooses the price to be charged to second-generation consumers

In this section, we extend the quality differentiation in the used durables mar- ket to include perfect information on the part of buyers on the quality of used durables. That is,

In sum: the coefficient for cash flow is positive and significant, indicating that firms are credit constrained, and the cash flow slope dummy for the period 1994–1997 is also