Arbeitspapier
Making the case for a low intertemporal elasticity of substitution
We provide two ways to reconcile small values of the intertemporal elasticity of substitution (IES) that range between 0.35 and 0.5 with empirical evidence that the IES is large. We do this reconciliation using a model in which all agents have identical preferences and the same access to asset markets. We also conduct an encompassing test, which indicates that specifications of the model with small values of the IES are more plausible than specifications with a large IES.
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Paper ; No. 2012-1
- Klassifikation
-
Wirtschaft
Macroeconomics: Consumption; Saving; Wealth
Business Fluctuations; Cycles
One, Two, and Multisector Growth Models
- Thema
-
uncertainty
intertemporal elasticity of substitution
risk aversion
business cycles
growth
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Braun, R. Anton
Nakajima, Tomoyuki
- Ereignis
-
Veröffentlichung
- (wer)
-
Federal Reserve Bank of Atlanta
- (wo)
-
Atlanta, GA
- (wann)
-
2012
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Braun, R. Anton
- Nakajima, Tomoyuki
- Federal Reserve Bank of Atlanta
Entstanden
- 2012
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