Search Results - subject:"Intertemporal Substitution"

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

The Intertemporal-Substitution Hypothesis is Alive and Well (But Hiding in the Data)

Kimmel, Jean - 1993

According to the intertemporal-substitution hypothesis, which underlies the typical empirical real business cycle model … shifts. We demonstrate that previous empirical labor-supply research has used inappropriate data to test the intertemporal-substitution … employee of +1.55 and +0.51, which support the intertemporal-substitution hypothesis and give econometric credibility to the …

Persistent link: https://www.econbiz.de/10011763183

Do Workers Work More When Wages Are High? Evidence from a Randomized Field Experiment

Fehr, Ernst; Götte, Lorenz - Institute for the Study of Labor (IZA) - 2004

Most previous studies on intertemporal labor supply found very small or insignificant substitution effects. It is not clear, however, whether these results are due to institutional constraints on workers' labor supply choices or whether the behavioral assumptions of the standard life cycle model...

Persistent link: https://www.econbiz.de/10005763628

Technology Diffusion and Business Cycle Asymmetry

Ishikawa, Toshiya - Institut for Miljø og Erhvervsøkonomi, Syddansk … - 2004

level as a result of technology diffusion. Because of intertemporal substitution behavior, it leads to a recession in the …

Persistent link: https://www.econbiz.de/10005063385

Transfer Programs and Consumption under Alternative Insurance Schemes and Liquidity Constraints

Bianconi, Marcelo - Department of Economics, Tufts University - 2004

aversion separate from intertemporal substitution. We apply the model to study the effect of one-size-fits-all transfers. We … measures of risk aversion and intertemporal substitution. …

Persistent link: https://www.econbiz.de/10005112751

An Empirical Assessment of a Consumption CAPM with a Reference Level under Incomplete Consumption Insurance

Semenov, Andrei - Department of Economics, York University - 2003

of intertemporal substitution is in the conventional range and significantly different from the inverse of the relative …

Persistent link: https://www.econbiz.de/10005558042

Precautionary Saving and Consumption Smoothing Across Time and Possibilities

Kimball, Miles S; Weil, Philippe - C.E.P.R. Discussion Papers - 2003

This Paper examines how aversion to risk and aversion to intertemporal substitution determines the strength of the … risk aversion, regardless of the elasticity of intertemporal substitution. Holding risk preferences fixed, the extent to … elasticity of intertemporal substitution, constant-relative risk aversion utility functions, these conditions are also necessary. …

Persistent link: https://www.econbiz.de/10005792387

Loss Aversion and Labor Supply

Goette, Lorenz; Huffman, David; Fehr, Ernst - Institute for the Study of Labor (IZA) - 2003

In many occupations workers’ labor supply choices are constrained by institutional rules regulating labor time and effort provision. This renders explicit tests of the neoclassical theory of labor supply difficult. Here we present evidence from studies examining labor supply responses in...

Persistent link: https://www.econbiz.de/10005233885

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