On the Intertemporal Elasticity of Substitution under Nonhomothetic Utility
使用不可分离且非位似偏好的模型估计跨期替代弹性，发现位似效用模型可能高估非耐用品与耐用品之间的替代弹性，但估计的跨期替代弹性仍为正且显著。
In this note, we use a model with nonseparable and nonhomothetic preferences to estimate the intertemporal elasticity of substitution (IES). We show that, while the homothetic utility model may induce a bias that increases the elasticity of substitution between nondurables and durables, the estimated IES remains positive and significant.