Search Results - subject:"Elasticity Of Intertemporal Substitution"

Total Wealth, Consumption and Portfolio Shares: Evidence and Theory

Normandin, Michel; St-Amour, Pascal - Centre de Recherche sur l'Emploi et les Fluctuations … - 1999

This study focuses on dynamic asset pricing implications for consumption and portfolio shares. First, we exploit the investors' intertemporal budget constraint and the induced national saving identity to construct US total wealth. We then document the empirical shares using aggregate consumption...

Persistent link: https://www.econbiz.de/10005827140

Economie expérimentale et modèle intertemporel du consommateur

MATTEI, Aurelio - Départment d'économétrie et d'économie politique … - 1998

elasticity of intertemporal substitution shows that a rise in the interest rate has an important effect on consumption. Earlier …

Persistent link: https://www.econbiz.de/10005650143

Reconciling Conflicting Evidence on the Elasticity of Intertemporal Substitution: A Macroeconomic Perspective

Guvenen, Fatih - EconWPA - 2005

In this paper we reconcile two opposing views about the elasticity of intertemporal substitution in consumption (EIS …

Persistent link: https://www.econbiz.de/10005561340

A Parsimonious Macroeconomic Model for Asset Pricing: Habit Formation of Cross-sectional Heterogeneity?

Guvenen, Fatih - EconWPA - 2005

participation in the stock market and heterogeneity in the elasticity of intertemporal substitution in consumption. The parameter …

Persistent link: https://www.econbiz.de/10005561641

Consumption, Wealth, the Elasticity of Intertemporal Substitution and Long-Run Stock Market Returns

Favero, Carlo A. - C.E.P.R. Discussion Papers - 2005

Consumption is striking back. Some recent evidence indicates that the well-known asset pricing puzzles generated by the difficulties of matching fluctuations in asset prices with high frequency fluctuations in consumption might be solved by considering consumption in the long-run. A first strand...

Persistent link: https://www.econbiz.de/10005792286

An Estimate of the Elasticity of Intertemporal Substitution in a Production Economy

Harashima, Taiji - EconWPA - 2005

The elasticity of intertemporal substitution (EIS) at the macro level has been estimated mostly based on endowment …

Persistent link: https://www.econbiz.de/10005126406

Endogenous Growth and Defense Expenditures: A New Explanation of the Benoit Hypothesis

Lai, Ching-chong; Shieh, Jhy-yuan; Chang, Wen-Ya - In: Defence and Peace Economics 13 (2002) 3, pp. 179-186

This paper develops an endogenous growth model to examine the linkage between military expenditures and economic growth. We adopt the modeling strategy where both the supply side and the demand side effects of national defense are taken into considerations. Our result finds that a rise in...

Persistent link: https://www.econbiz.de/10005495956

Income and wealth distribution in a simple model of growth

Sorger, Gerhard - In: Economic Theory 16 (2000) 1, pp. 23-42

distribution is strongly dispersed. If the elasticity of intertemporal substitution is low, the reverse relation holds. The paper …-capita output. There exists a continuum of stationary equilibria with different levels of per-capita output. If the elasticity of … intertemporal substitution is large, a higher output level can be achieved when income inequality is great, that is, when the income …

Persistent link: https://www.econbiz.de/10005370795

Addictive behavior and endogenous growth

Shieh, Jhy-yuan; Lai, Ching-chong; Chang, Wen-ya - In: Journal of Economics 72 (2000) 3, pp. 263-273

Persistent link: https://www.econbiz.de/10005715752

Saving Rates and Portfolio Choice with Subsistence Consumption

Achury, Carolina; Hubar, Sylwia; Koulovatianos, Christos - Centre for Finance, Credit and Macroeconomics (CFCM), …

We analytically show that a common across rich/poor individuals Stone-Geary utility function with subsistence consumption in the context of a simple two-asset portfolio-choice model is capable of qualitatively explaining: (i) the higher saving rates of the rich, (ii) the higher fraction of...

Persistent link: https://www.econbiz.de/10008871002