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Estimating intertemporal and intratemporal substitutions when both income and substitution effects are present: the role of durable goods
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SYSNO ASEP 0361643 Druh ASEP J - Článek v odborném periodiku Zařazení RIV J - Článek v odborném periodiku Poddruh J Článek ve WOS Název Estimating intertemporal and intratemporal substitutions when both income and substitution effects are present: the role of durable goods Tvůrce(i) Pakoš, Michal (NHU-N) RID Zdroj.dok. Journal of Business & Economic Statistics - ISSN 0735-0015
Roč. 29, č. 3 (2011), s. 439-454Poč.str. 16 s. Jazyk dok. eng - angličtina Země vyd. US - Spojené státy americké Klíč. slova durable goods ; intertemporal substitution ; nonhomotheticity Vědní obor RIV AH - Ekonomie CEZ AV0Z70850503 - NHU-N (2005-2011) UT WOS 000292316500009 EID SCOPUS 79958717918 DOI 10.1198/jbes.2009.07046 Anotace Homotheticity induces a dramatic statistical bias in the estimates of the intratemporal and intertemporal substitutions. I find potent support in favor of nonhomotheticity in aggregate consumption data, with nondurable goods being necessities and durable goods luxuries. I obtain the intertemporal substitutability negligible (0.04), a magnitude close to Hall’s (1988) original estimate, and the intratemporal substitutability between nondurable goods and service flow from the stock of durable goods small as well (0.18). Despite that, due to the secular decline of the rental cost, the budget share of durable goods appears trendless. Pracoviště Národohospodářský ústav Kontakt Tomáš Pavela, pavela@cerge-ei.cz, Tel.: 224 005 122 Rok sběru 2012
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