Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/70708 
Erscheinungsjahr: 
2012
Schriftenreihe/Nr.: 
Working Paper No. 2012-1
Verlag: 
Federal Reserve Bank of Atlanta, Atlanta, GA
Zusammenfassung: 
We provide two ways to reconcile small values of the intertemporal elasticity of substitution (IES) that range between 0.35 and 0.5 with empirical evidence that the IES is large. We do this reconciliation using a model in which all agents have identical preferences and the same access to asset markets. We also conduct an encompassing test, which indicates that specifications of the model with small values of the IES are more plausible than specifications with a large IES.
Schlagwörter: 
uncertainty
intertemporal elasticity of substitution
risk aversion
business cycles
growth
JEL: 
E21
E32
O41
Dokumentart: 
Working Paper

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