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Intertemporal Substitution in Consumption
Abstract
One of the important determinants of the response of saving and consumption to the real interest rate is the elasticity of intertemporal substitution. That elasticity can be measured by the response of the rate of change of consumption to changes in the expected real interest rated. A detailed study of data for the twentieth-century United States shows no strong evidence that the elasticity of intertemporal substitution is positive. Earlier findings of substantially positive elasticities are reversed when appropriate estimation methods are used.
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Citations
Cited by
Barsky, R. B., Juster, F. T., Kimball, M. S., & Shapiro, M. D. (1997) · The Quarterly Journal of Economics · doi:10.1162/003355397555280 · Cited by 2,400
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Gruber, J., & Saez, E. (2002) · Journal of Public Economics · doi:10.1016/s0047-2727(01)00085-8 · Cited by 990
Anomalies: Saving, Fungibility, and Mental Accounts
Thaler, R. H. (1990) · Journal of Economic Perspectives · doi:10.1257/jep.4.1.193 · Cited by 957
The Value of Health and Longevity
Murphy, K. M., & Topel, R. H. (2006) · Journal of Political Economy · doi:10.1086/508033 · Cited by 605
Havranek, T., & Sokolova, A. (2020) · Review of Economic Dynamics · doi:10.1016/j.red.2019.05.004 · Cited by 141
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Burgess, D. F., & Zerbe, R. O. (2011) · Journal of Benefit-Cost Analysis · doi:10.2202/2152-2812.1065 · Cited by 72
Metadata
- Authors
- Hall, R. E.
- Venue
- Journal of Political Economy
- Publisher
- University of Chicago Press
- Published
- 1988-04
- Volume
- 96
- Issue
- 2
- Pages
- 339-357
- ISSN
- 0022-3808 (ISSN-L)
- 1537-534X
- OpenAlex
- W2034946940
- Cited by
- 1,528
- References
- 0
- FWCI
- 53.06
- Type
- journal article
- Language
- en
- Open access
- closed
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