Growth in Ownership of Consumer Durables in the United Kingdom

Dynamic models of demand for durable goods assume that at any given time there is a long-term or equilibrium level of ownership towards which the community is moving. If the equilibrium level is assumed to vary over time, it is possible to test whether the substantial decreases in the real prices of durable goods and the increases in real incomes in the post-war period affected long-term levels of ownership. The essential feature of models incorporating a long-term level of ownership is that the change in stock is taken to be some proportion, g(t), of the difference between the equilibrium and actual stock; i.e

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• The roles of inflation and consumer sentiment in explaining Australian consumption and savings patterns

  Open Access•R A Williams, Ross Williams et al.•Journal of Economic Psychology•1981

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