Temporary and Permanent Changes in Consumption Growth
分析英国家庭数据，发现人口特征对消费增长率有暂时影响，而妻子的教育水平和就业状态显著影响跨期替代弹性，双收入家庭不存在过度敏感性。
This paper examines whether demographic variables and other household characteristics are more likely to affect the intercept of the Euler equation or the intertemporal elasticity of substitution (ISE) of the household. Analysis of British data suggests that demographics affect the growth rate of consumption in a purely transitory way, while the educational level and the employment status of the wife appear to have a significant effect on the ISE. The effect of the employment status of the head is more uncertain. After taking these differences into account, the hypothesis of no excess sensitivity cannot be rejected for households with two earners.