Intertemporal Substitution in Macroeconomics
نویسندگان
چکیده
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منابع مشابه
Investigation on Habit Formation, Risk Aversion and Intertemporal Substitution in Consumption of Iranian Households by GMM Approach
Consumption is the principal feature of Iranâs Gross National Production. Therefore, recognizing of factors that influence it is quite crucial. This article, investigates habit formation, durability, relative risk aversion and intertemporal substitution in consumption expenditures of Iranian households. For empirical study, at first, we constructed two weighted portfolio of the main assets re...
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We[1] present estimates of the Elasticity of Intertemporal Substitution (EIS) for Iranian households using synthetic cohort panels based on household micro-data. Results show significant difference with the common values used in Dynamic Stochastic General Equilibrium (DSGE) models which are originally based on estimated values for developed countries. We show that this difference has important ...
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In recent research in the areas of finance (see Campbell and Viceira [2002], Garcia, Luger and Renault [2003]) and macroeconomics (for exemple, Weil [1989], Obstfeld [1994], Tallarini [2000], Epaulard and Pommeret [2003]), preferences of agents are characterized by recursive utility functions (Kreps and Porteus [1978], Epstein and Zin [1989]). This class of preferences permits to disentagle ris...
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One of the most important behavioral parameters in macroeconomics is the elasticity of intertemporal substitution (EIS). Starting with the seminal work of Hall (1978), researchers have used an Euler equation framework to estimate the EIS, relating the growth rate of consumption to the after-tax interest rate facing consumers. This large literature has, however, produced very mixed results, perh...
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