10This pattern does match consumers’ purchases of durable goods like automobiles; but the ‘excess smoothness’ facts hold as strongly for aggregate nondurables as for durable goods. The fixed-adjustment-cost framework matches many other economic decisions well—for instance, individual investors adjust their portfolios sporadically even though the prices of many assets experience large fluctuations at high frequency—and Alvarez et al. [2012] find “a robust pattern consistent with the assumption that a component of adjustment costs is information gathering” (p. 2273).