Wealth-varying intertemporal elasticities of substitution: Evidence from panel and aggregate data
构建并估计了一个消费者偏好模型，其中消费支出的跨期替代弹性随财富水平上升。利用印度家庭面板数据发现穷人和富人的跨期替代弹性存在显著差异，并在美国和印度的总量时间序列数据中也观察到类似差异。
This paper constructs and estimates a model of consumer preferences in which the intertemporal elasticity of substitution (IES) of consumption expenditure rises with the level of wealth. The purpose of this paper is to measure the effect that systematic variation in the IES of poor and rich consumers has on the IES of aggregate consumption expenditure. We find economically significant differences in the IES of poor and rich consumers in Indian panel data on the consumption of individual households. We also find economically significant differences in the IES measured in aggregate time series data for the U.S. and India.