Wealth-varying intertemporal elasticities of substitution: Evidence from panel and aggregate data

Andrew Atkeson, Masao Ogaki

研究成果: Article査読

104 被引用数 (Scopus)

抄録

This paper constructs and estimates a model of consumer preferences in which the intertemporal elasticity of substitution (IES) of consumption expenditure rises with the level of wealth. The purpose of this paper is to measure the effect that systematic variation in the IES of poor and rich consumers has on the IES of aggregate consumption expenditure. We find economically significant differences in the IES of poor and rich consumers in Indian panel data on the consumption of individual households. We also find economically significant differences in the IES measured in aggregate time series data for the U.S. and India.

本文言語English
ページ(範囲)507-534
ページ数28
ジャーナルJournal of Monetary Economics
38
3
DOI
出版ステータスPublished - 1996 12月
外部発表はい

ASJC Scopus subject areas

  • 財務
  • 経済学、計量経済学

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