Reconciling conflicting evidence on the elasticity of intertemporal substitution: A macroeconomic perspective

By Fatih Guvenen. 2006

532 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/f7bf861a602d9411510918f8871f7724c620d489

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Economics and Econometrics

Citations in the corpus

Risks for the Long Run and the Real Exchange Rate (2011, unknown): “Due to the analytical difficulty of computing the quarterly counterparts of the moments of interest using a model that is specified at a monthly frequency, we follow Hansen and Sargent (2006) in assuming that model and data share the same frequency.”
Learning to Take Risks? The Effect of Education on Risk-Taking in Financial Markets (2018, unknown): “… 4 In addition, understanding the determinants of stock market investment also provides insight into the determinants of the distribution of wealth (Guvenen 2006), ownership…”
Household Stockholding in Europe: Where Do We Stand and Where Do We Go? (2003, unknown): “Indeed, Guvenen (2002) shows that introducing limited stock market participation in an otherwise frictionless economy can have so powerful effects as to replicate the wealth inequality observed in the United States! In other words, heterogeneity in access to the stock market is likely to be a powerf”
The Declining Equity Premium: What Role Does Macroeconomic Risk Play? (2008, unknown): “The plausibility of this explanation has been questioned by academic researchers who point out that neither recent experience nor historical data provide any basis for the hypothesis (Siegel (1999); Jagannathan, McGrattan, and Scherbina (2000); Fama and French (2002); Campbell and Shiller (2003)).”
How Important is Discount Rate Heterogeneity for Wealth Inequality? (2007, unknown): “(i) Preference heterogeneity could interact with other sources of hetero- 22 geneity, such as access to risky assets (Guvenen 2005) or entrepreneurship.”
Awareness and Stock Market Participation (2005, background): “2 Limited financial market participation and changes in participation over time are relevant for many other important issues, such as the distribution of wealth ( Guvenen, 2005 ), household choices regarding individual retirement accounts (Bernheim and Garrett, 2003), and wealth effects on consumpti”
Information Acquisition and Welfare (2014, background): “|(̂ )| 2 μ 1(1− )  + (1− )̂ ¶2  |(̂ ) + ∗(̂ )| 2 μ ∗1(1− ∗)  + (1− ∗)̂ ¶2  (23)”
Cognitive abilities and portfolio choice (2010, unknown): “Limited participation and changes in participation over time are relevant also for studying the equity premium puzzle (Mankiw and Zeldes, 1991; Attanasio, Banks and Tanner, 2002), the distribution of wealth (Guvenen, 2006), household choices regarding individual retirement accounts (Bernheim and Gar”
The Saving Rate in Japan: Why it Has Fallen and Why it Will Remain Low (2007, unknown): “Although we don’t pursue these extensions here either allowing for limited participation in stock-markets as in Guvenen (2006) or Chien, Cole and Lustig (2007) or modeling home production as in Campbell and Ludvigson (2001) could lower the range of values of the EIS that renders our model…”
Growth and income inequality: a canonical model (2006, background): “As noted by Guvenen (2003), empirical microeconomic studies suggests that the IES increases with wealth, and with stock-ownership being more widespread in the US, one can reasonably conclude that the IES is correspondingly larger than in many OECD countries.”
Monetary Policy when Households have Debt: New Evidence on the Transmission Mechanism (2019, unknown): “There is a large literature estimating the EIS across households and several papers have argued that the EIS is likely to be increasing with wealth (see Guvenen (2006) and Attanasio and Weber (2010) for an overview).”
The Levered Equity Risk Premium and Credit Spreads: A Unified Framework (2010, unknown): “28 Some studies (see, e.g., Hansen and Singleton 1982; Attanasio and Weber 1989; Vissing-Jorgensen 2002; Guvenen 2006) estimate that the EIS is more than one.”
The expansion of modern agriculture and global biodiversity decline: An integrated assessment (2016, unknown): “5 in line with estimates by Guvenen (2006). In the model, this corresponds to γ = 2.”