Intertemporal Substitution in Consumption
研究消费对实际利率变化的反应，即跨期替代弹性。通过分析20世纪美国数据，发现没有强证据表明该弹性为正，此前研究因方法不当得出正弹性。
One of the important determinants of the response of saving and consumption to the real interest rate is the ela sticity of intertemporal substitution. That elasticity can be measure d by the response of the rate of change of consumption to changes in the expected real interest rate. A detailed study of data for the twe ntieth-century United States shows no strong evidence that the elasti city of intertemporal substitution is positive. Earlier findings of s ubstantially positive elasticities are reversed when appropriate esti mation methods are used. Copyright 1988 by University of Chicago Press.