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

• 成果类型: Article
• 署名作者: Atkeson, A; Ogaki, M
• 署名单位: University System of Ohio; Ohio State University; University of Pennsylvania; National Bureau of Economic Research
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/S0304-3932(96)01290-1
• 发表日期: 1996
• 页码: 507-534
• 关键词: consumption; subsistence levels; necessary goods

摘要

This paper constructs and estimates a model of consumer preferences in which the intertemporal elasticity of substitution (IES) of consumption expenditure rises with the revel 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.