IS THE ELASTICITY OF INTERTEMPORAL SUBSTITUTION CONSTANT?
指出，在所有常见的跨期分配模型中，假设跨期替代弹性为常数会对期内预算分配施加令人惊讶的限制，且该假设可被需求数据检验，实际上被拒绝。
In all common models of inter-temporal allocation, the assumption of a constant elasticity of intertemporal substitution (EIS) imposes surprising limitations on within-period budget allocations. Consequently, the constant EIS assumption can be tested with demand data. In fact, the EIS is pinned down completely by the shape of Engel curves: if the EIS is constant then the EIS can be estimated without variation in the interest rate. That a price elasticity can be estimated without variation in the relevant price illustrates just how strong the constant EIS assumption is. The constant EIS assumption is rejected by demand data. © 2010 by the European Economic Association.