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Intertemporal Substitution in Consumption
Open accessAbstract
Does a higher real interest rate induce significant postponement of consumption?According to the theory developed here, this question can be answered by studying the relation between the rate of growth of consumption and expected real interest rates.In postwar data for the United States, expected real returns have declined over time in the stock market and for savings accounts.Over the same period, the rate of growth of consumption has been almost steady.The paper concludes that intertemporal substitution is weak, for if it were strong, the growth rate of consumption would have declined.
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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
Gross, D. B., & Souleles, N. S. (2002) · The Quarterly Journal of Economics · doi:10.1162/003355302753399472 · Cited by 867
Rare Disasters, Asset Prices, and Welfare Costs
Barro, R. J. (2009) · American Economic Review · doi:10.1257/aer.99.1.243 · Cited by 855
Metadata
- Authors
- Hall, R.
- Venue
- National Bureau of Economic Research
- Publisher
- National Bureau of Economic Research
- Published
- 1981-07
- OpenAlex
- W2889716834
- Cited by
- 1,397
- References
- 0
- Type
- report
- Language
- en
- Open access
- green
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- Hall, R. (1981). Intertemporal Substitution in Consumption. National Bureau of Economic Research. https://doi.org/10.3386/w0720
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
