BernheimV1, Main, Exploration, bibRecord, 000923

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

Identifieur interne : 000923 ( Main/Exploration ); précédent : 000922; suivant : 000924

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

Auteurs : Hendrik P. Van Dalen [Pays-Bas]

Source :

Journal of Macroeconomics [ 0164-0704 ] ; 1995.

RBID : ISTEX:9A44C9DF255F422B66E2B3FAB33186BC96F9208D

English descriptors

Teeft :
- Absolute change, Aggregate consumption, Aggregate consumption bundle, Cambridge university press, Capita consumption, Caput, Consumer behavior, Consumer model, Consumer values, Consumption, Consumption growth, Consumption growth rate, Consumption movements, Crude death rate, Current income movements, Dalen, Dalen table, Defense expenditures, Differential equation, Durable goods, Economic growth, Economic history, Elasticity, Endogenous growth, Entire sample period, Euler, Euler equation, Excess sensitivity, First stage regressions, Government consumption, Government expenditure, Government spending, Growth rates, Hendrik, Historical data, Indicator variables, Individual consumers, Individual welfare, Inflation rate, Instrumental variables, Interest rates, Intertemporal, Intertemporal elasticity, Intertemporal substitution, Intertemporal substitution elasticity, Lifetime uncertainty, Mankiw, Marginal utility, Model test, Monetary economics, Mordecai kurz, Mortality rate, Neoclassical theory, Nominal interest rate, Null hypothesis, Oecd labor force statistics, Optimal level, Other hand, Overidentifying restrictions, Parameter, Parameter constancy, Parameter estimate, Parameter estimates, Parameter stability, Paul samuelson, Peacetime sample period, Peacetime years, Permanent income hypothesis, Pesaran, Political economy, Population growth rate, Private consumption, Private consumption growth, Public consumption, Public expenditure, Public investment, Rational expectations, Real interest rate, Real rate, Relevant variables, Representative consumer, Sample period, Sample size, Sample split, Serial correlation, Small intertemporal substitution elasticity, Structural coefficients, Substitution, Temporary increase, Test statistics, Time preference, Time series, Time series behavior, Time trend, Unit root tests, Utility function, Wage income, Wald test, World wars.

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:

https://api.istex.fr/document/9A44C9DF255F422B66E2B3FAB33186BC96F9208D/fulltext/pdf

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

Affiliations:

Pays-Bas

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Le document en format XML

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<term>Consumption growth</term>
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<term>Economic growth</term>
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<term>Elasticity</term>
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<term>Entire sample period</term>
<term>Euler</term>
<term>Euler equation</term>
<term>Excess sensitivity</term>
<term>First stage regressions</term>
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<term>Parameter estimates</term>
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<term>Population growth rate</term>
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<term>Private consumption growth</term>
<term>Public consumption</term>
<term>Public expenditure</term>
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<term>Rational expectations</term>
<term>Real interest rate</term>
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<term>Relevant variables</term>
<term>Representative consumer</term>
<term>Sample period</term>
<term>Sample size</term>
<term>Sample split</term>
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<front><div type="abstract" xml: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.</div>
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Serveur d'exploration Hippolyte Bernheim

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

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

Source :

English descriptors

Abstract

Links toward previous steps (curation, corpus...)

Le document en format XML

Pour manipuler ce document sous Unix (Dilib)

Pour mettre un lien sur cette page dans le réseau Wicri