Serveur d'exploration Hippolyte Bernheim

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Intertemporal substitution in war and peace: Evidence from the United Kingdom, 1830–1990

Identifieur interne : 000B63 ( Istex/Corpus ); précédent : 000B62; suivant : 000B64

Intertemporal substitution in war and peace: Evidence from the United Kingdom, 1830–1990

Auteurs : Hendrik P. Van Dalen

Source :

RBID : ISTEX:9A44C9DF255F422B66E2B3FAB33186BC96F9208D

English descriptors

Abstract

Abstract: In this paper we present estimates of individual value of public consumption and the intertemporal substitution elasticity by means of the Euler-equation approach. Historical data for the United Kingdom covering the period 1830–1990 are used to measure the effect of public consumption on private consumption. The U.K. intertemporal substitution elasticity is 0.24 and the shares of private and public consumption in the aggregate consumption bundle are 92% and 8%, respectively. The positive valuation applies only to wartime years. In peacetime years government and private consumption goods can at best be described as independent goods.

Url:
DOI: 10.1016/0164-0704(95)80063-8

Links to Exploration step

ISTEX:9A44C9DF255F422B66E2B3FAB33186BC96F9208D

Le document en format XML

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<abstract lang="en">Abstract: In this paper we present estimates of individual value of public consumption and the intertemporal substitution elasticity by means of the Euler-equation approach. Historical data for the United Kingdom covering the period 1830–1990 are used to measure the effect of public consumption on private consumption. The U.K. intertemporal substitution elasticity is 0.24 and the shares of private and public consumption in the aggregate consumption bundle are 92% and 8%, respectively. The positive valuation applies only to wartime years. In peacetime years government and private consumption goods can at best be described as independent goods.</abstract>
<note>Research was carried out with the support of the Netherlands Organization for Scientific Research (NWO), research grants #18.509 and #450-226-026. Constructive comments by Otto Swank and an anonymous referee are gratefully acknowledged.</note>
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<dateIssued encoding="w3cdtf">199522</dateIssued>
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<identifier type="ISSN">0164-0704</identifier>
<identifier type="PII">S0164-0704(00)X0034-1</identifier>
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<date>199522</date>
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<number>17</number>
<caption>vol.</caption>
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<number>3</number>
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<start>377</start>
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<identifier type="DOI">10.1016/0164-0704(95)80063-8</identifier>
<identifier type="PII">0164-0704(95)80063-8</identifier>
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