Detail publikace

Cross-Country Heterogeneity in Intertemporal Substitution

Autor: doc. PhDr. Tomáš Havránek Ph.D.,
PhDr. Zuzana Havránková Ph.D.,
prof. Roman Horváth Ph.D.,
PhDr. Marek Rusnák ,
Typ: IES Working Papers
Rok: 2013
Číslo: 11
ISSN / ISBN:
Publikováno v: IES Working Papers 11/2013
Místo vydání: Prague
Klíčová slova: Elasticity of intertemporal substitution, consumption, metaanalysis, Bayesian model averaging
JEL kódy: C83, D91, E21
Citace: Havranek, T., Horvath, R., Irsova, Z.,Rusnak, M. (2013). “Cross-Country Heterogeneity in Intertemporal Substitution” IES Working Paper 11/2013. IES FSV. Charles University.
Abstrakt: We collect 2,735 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.
Ke stažení: WP_2013_11_Havranek_Horvath_Irsova_Rusnak

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