Intertemporal Substitution in Consumption: A Literature Review
Intertemporal Substitution in Consumption: A Literature Review
复制标题
消费的跨期替代：文献综述
DOI：
10.2139/ssrn.2704067
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发表时间：
2015
期刊：
影响因子：
--
通讯作者：
Julian Thimme
中科院分区：
文献类型：
--
作者：
Julian Thimme
本文回顾了消费跨期替代弹性的实证研究现状。为了回答这个问题，什么是真正的参数的大小，它讨论了理论的几个最新进展，并强调了估计的挑战。虽然一般性的讨论似乎仍然占上风霍尔的早期EIS估计接近于零，我们表明，几个偏离时间加性常数相对风险厌恶模型发言赞成相当高的价值。我们的处理应该为研究人员提供一个提示，即在宏观经济和金融模型的校准中，哪个参数是合理的和无可争议的选择。
This paper reviews the status quo of the empirical literature about the elasticity of intertemporal substitution (EIS) in consumption. Aiming to answer the question what the true magnitude of the parameter really is, it discusses several recent advances of the theory and highlights challenges for the estimation. Although the general discussion still seems to be prevailed by Hall's early EIS estimates close to zero, we show that several deviations from the time-additive constant relative risk aversion model speak in favor of considerably higher values. Our treatment is supposed to provide researchers a hint at which parameter is a reasonable and incontrovertible choice for the calibration of models in macroeconomics and finance.
影响因子：
8.2
作者：
Campbell, John Y.;Shiller, Robert J.
通讯作者：
Shiller, Robert J.
DOI：
--
发表时间：
2009
期刊：
Department of Social Systems and Management Discussion Paper Series No.1229
影响因子：
--
作者：
Ashiya;M;M. Ashiya;M.Ashiya;M.Ashiya;芦谷政治;M.Ashiya;M.Ashiya;M.Ashiya;M.Ashiya;Masakatsu Okubo
通讯作者：
Masakatsu Okubo