作者：Vissing-Jorgensen, A
作者单位：University of Chicago; National Bureau of Economic Research
摘要：The paper presents empirical evidence based on the U. S. Consumer Expenditure Survey that accounting for limited asset market participation is important for estimating the elasticity of intertemporal substitution. Differences in estimates of the EIS between asset holders and non-asset holders are large and statistically significant. This is the case whether estimating the EIS on the basis of the Euler equation for stock index returns or the Euler equation for Treasury bills, in each case disti...
