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Motor Vehicle Stocks, Scrappage, and Sales

Author

Listed:
  • Darrel Cohen
  • Alan Greenspan
Abstract
This paper offers a new framework for analyzing aggregate sales of new motor vehicles that incorporates separate models for the change in the vehicle stock and for the rate of vehicle scrappage. Because this approach requires only a minimal set of assumptions about demographic trends, the state of the economy, consumer \"preferences,\" new vehicle prices and repair costs, and vehicle retirements, it is shown to be especially useful as a macroeconomic forecasting tool. In addition, a new historical annual time series estimate of motor vehicle stocks in the United States is presented.

Suggested Citation

  • Darrel Cohen & Alan Greenspan, "undated". "Motor Vehicle Stocks, Scrappage, and Sales," Finance and Economics Discussion Series 1996-40, Board of Governors of the Federal Reserve System (U.S.), revised 10 Dec 2019.
    • Handle: RePEc:fip:fedgfe:1996-40
    as

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    File URL: http://www.federalreserve.gov/pubs/feds/1996/199640/199640pap.pdf
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    References listed on IDEAS

    as
    1. James Berkovec, 1985. "New Car Sales and Used Car Stocks: A Model of the Automobile Market," RAND Journal of Economics, The RAND Corporation, vol. 16(2), pages 195-214, Summer.
    2. Granger, C. W. J. & Newbold, Paul, 1986. "Forecasting Economic Time Series," Elsevier Monographs, Elsevier, edition 2, number 9780122951831 edited by Shell, Karl.
    Full references (including those not matched with items on IDEAS)

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    Keywords

    Motor vehicles; scrappage;

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