haku: @author Attanasio, O. / yhteensä: 6
viite: 6 / 6
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| Tekijä: | Attanasio, O. Weber, G. |
| Otsikko: | Consumption growth, the interest rate and aggregation |
| Lehti: | Review of Economic Studies
1993 : JUL, VOL. 60(3):204, p. 631-649 |
| Asiasana: | CONSUMPTION GROWTH INTEREST RATES |
| Kieli: | eng |
| Tiivistelmä: | In this paper the authors present empirical evidence on aggregation problems with Euler equations for consumption. Their main results are: estimates of the elasticity of intertemporal substitution for consumption are consistently lower for aggregate data than for average cohort data and the theoretical model is statistically rejected on aggregate data , not rejected on average cohort data. In trying to explain these differences the authors find that a major role is played by the non-linearity of the estimable equation and by omitted demographic factors (normally unobservable on aggregate data). |
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