Cross-Country Heterogeneity in Intertemporal Substitution
dc.contributor.author | Havranek, Tomas | |
dc.contributor.author | Horvath, Roman | |
dc.contributor.author | Irsova, Zuzana | |
dc.contributor.author | Rusnak, Marek | |
dc.date.accessioned | 2016-08-30T19:50:28Z | |
dc.date.available | 2016-08-30T19:50:28Z | |
dc.date.issued | 2013-08-01 | |
dc.identifier.other | RePEc:wdi:papers:2013-1056 | |
dc.identifier.uri | https://hdl.handle.net/2027.42/133075 | |
dc.description.abstract | We collect 2,735 estimates of the elasticity of intertemporal substitution in consumption from 169 published studies that cover 104 countries during different time periods. The estimates vary substantially from country to country, even after controlling for 30 aspects of study design. Our results suggest that income and asset market participation are the most effective factors in explaining the heterogeneity: households in developing countries and countries with low stock market participation substitute a smaller fraction of consumption intertemporally in response to changes in expected asset returns. Micro-level studies that focus on sub-samples of poor households or households not participating in asset markets also find systematically smaller values of the elasticity. | |
dc.relation.ispartofseries | wp1056 | |
dc.subject | Elasticity of intertemporal substitution | |
dc.subject | consumption | |
dc.subject | meta-analysis | |
dc.subject | Bayesian model averaging | |
dc.subject.other | C83 | |
dc.subject.other | D91 | |
dc.subject.other | E21 | |
dc.title | Cross-Country Heterogeneity in Intertemporal Substitution | |
dc.type | Working Paper | |
dc.subject.hlbsecondlevel | Economics | |
dc.subject.hlbtoplevel | Business | |
dc.contributor.affiliationum | William Davidson Institute | |
dc.description.bitstreamurl | http://deepblue.lib.umich.edu/bitstream/2027.42/133075/1/wp1056.pdf | |
dc.contributor.authoremail | tomas.havranek@ies-prague.org | |
dc.owningcollname | William Davidson Institute (WDI) - Working Papers |
Files in this item
Remediation of Harmful Language
The University of Michigan Library aims to describe library materials in a way that respects the people and communities who create, use, and are represented in our collections. Report harmful or offensive language in catalog records, finding aids, or elsewhere in our collections anonymously through our metadata feedback form. More information at Remediation of Harmful Language.
Accessibility
If you are unable to use this file in its current format, please select the Contact Us link and we can modify it to make it more accessible to you.