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Estimating Models with Intertemporal Substitution Using Aggregate Time Series Data

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NBER1987-03-01 更新2025-01-04 收录
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https://www.nber.org/papers/w2181
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In conducting empirical investigations of the permanent income model of consumption and the consumption-based intertemporal asset pricing model, various authors have imposed restrictions on the nature of the substitutability of consumption across goods and over time. In this paper we suggest a

在对消费的永久收入模型(permanent income model of consumption)及基于消费的跨期资产定价模型(consumption-based intertemporal asset pricing model)开展实证研究时,多位学者对消费在不同商品间及跨时间维度的替代性(substitutability)本质施加了限制条件。本文提出一种
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1987-03-01
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