Havranek, Tomas and Horvath, Roman and Irsova, Zuzana and Rusnak, Marek (2015) Cross-country heterogeneity in intertemporal substitution. JOURNAL OF INTERNATIONAL ECONOMICS, 96 (1). pp. 100-118. ISSN 0022-1996, 1873-0353
Full text not available from this repository. (Request a copy)Abstract
We collect 2735 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 rich countries and countries with high stock market participation substitute a larger fraction of consumption intertemporally in response to changes in expected asset returns. Micro-level studies that focus on sub-samples of rich households or asset holders also find systematically larger values of the elasticity. (C) 2015 Elsevier B.V. All rights reserved.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | CONSUMPTION GROWTH; PUBLICATION BIAS; LIFE-CYCLE; LONG-RUN; METAANALYSIS; REGRESSION; BEHAVIOR; PRIORS; DETERMINANTS; ELASTICITIES; Elasticity of intertemporal substitution; Consumption; Meta-analysis; Bayesian model averaging |
| Subjects: | 300 Social sciences > 330 Economics |
| Divisions: | Central Institutions > Wissenschaftszentrum Ost- und Südosteuropa Regensburg |
| Depositing User: | Dr. Gernot Deinzer |
| Date Deposited: | 18 Jul 2019 09:55 |
| Last Modified: | 18 Jul 2019 09:55 |
| URI: | https://pred.uni-regensburg.de/id/eprint/5542 |
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