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A Microeconometric Model Of Intertemporal Substitution And Consumer Demand

Author

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  • BLUNDELL, R.
  • BROWNING, M.
  • MEGHIR, C.

Abstract

In this paper we investigate the relationship between within-period preferences and the degree of intertemporal substitution. We first present a theoretical discussion which argues that the form of within-period preferences and the way these differ across the consumers may have important consequences for the formulation and specification of intertemporal models. We then apply this methodology to a detailed study of disaggregate household expenditure across 15 years. Our objective is to assess the degree of intertemporal substitution across different household types avoiding aggregation bias and accounting for nonadditive within-period preferences and nonlinearity in Engel curves.

Suggested Citation

  • Blundell, R. & Browning, M. & Meghir, C., 1989. "A Microeconometric Model Of Intertemporal Substitution And Consumer Demand," The Warwick Economics Research Paper Series (TWERPS) 324, University of Warwick, Department of Economics.
    • Handle: RePEc:wrk:warwec:324
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    Cited by:

    1. Laisney, François & Pohlmeier, Winfried & Staat, Matthias, 1991. "Estimation of labour supply functions using panel data: a survey," ZEW Discussion Papers 91-05, ZEW - Leibniz Centre for European Economic Research.
    2. Beblav�, Miroslav & Thum, Anna-Elisabeth & Potjagailo, Galina, 2013. "When do adults learn? A cohort analysis of adult education in Europe," CEPS Papers 8059, Centre for European Policy Studies.
    3. Attanasio, Orazio P & Browning, Martin, 1995. "Consumption over the Life Cycle and over the Business Cycle," American Economic Review, American Economic Association, vol. 85(5), pages 1118-1137, December.
    4. Attanasio, O.P. & Weber, G., 1989. "Consumption, Productivity Growth and the Interest Rate," Discussion Paper 1989-25, Tilburg University, Center for Economic Research.
    5. Attanasio, O.P. & Weber, G., 1989. "Consumption, Productivity Growth And The Interest Rate," Papers 8925, Tilburg - Center for Economic Research.
    6. Attanasio, Orazio P & Weber, Guglielmo, 1995. "Is Consumption Growth Consistent with Intertemporal Optimization? Evidence from the Consumer Expenditure Survey," Journal of Political Economy, University of Chicago Press, vol. 103(6), pages 1121-1157, December.
    7. Yancy Vaillant & Esteban Lafuente & Manoj Chandra Bayon, 2019. "Early internationalization patterns and export market persistence: a pseudo-panel data analysis," Small Business Economics, Springer, vol. 53(3), pages 669-686, October.
    8. Orazio P. Attanasio & Martin Browning, 1994. "Testing the life cycle model consumption: what can we learn from micro and macro data?," Investigaciones Economicas, Fundación SEPI, vol. 18(3), pages 433-463, September.
    9. Carl Emmerson & Howard Reed & Andrew Shephard, 2004. "An assessment of PenSim2," IFS Working Papers W04/21, Institute for Fiscal Studies.

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