Using the data on maintenance expenditures and self-assessed house value, I separate measure of individual housing stock prices, use these for testing whether nondurable consumption are characterized by intratemporal nonseparability in households’ preferences. find evidence favor dependence between total housing. My findings indicate elasticity substitution is higher than intertemporal composit...

This paper estimates the Frisch elasticity of labor supply, which represents the intertemporal elasticity of substitution. Estimation of this elasticity has previously required assuming that utility is either separable between consumption and leisure or quasi-homothetic with respect to leisure. These restrictions are required to generate hours equations in which individual effects, representing...

This paper develops theory for feasible estimation and testing of finite-dimensional parameters identified by general conditional quantile restrictions. This includes instrumental variables nonlinear quantile regression as a special case, under much weaker assumptions than previously seen in the literature. More specifically, we consider a set of unconditional moments implied by the conditional...

In this paper we extend the study done by Ferrara and Guerrini [12], where two different research lines within the Ramsey model were joined together: the one studying the role of a logistic population growth rate (Accinelli and Brida [2]), and the one analyzing the effects of a Benthamite formulation for the utility function. The results obtained in [12] for the special case of a constant inter...

Using subjective expectations data from the New York Fed’s Survey of Consumer Expectations (SCE), we estimate elasticity intertemporal substitution (EIS)—the response expected consumption growth to changes in real interest rate. This unique set allows us Euler equation with no auxiliary assumptions on properties expectations, which are instead necessary when using choice data. We find a EIS abo...

Most previous studies on intertemporal labor supply found very small or insignificant substitution effects. It is possible that these results are due to constraints on workers’ labor supply choices. We conducted a field experiment in a setting in which workers were free to choose hours worked and effort per hour. We document a large positive elasticity of overall labor supply and an even larger...

Using a new consumer survey dataset, we study the role of macroeconomic preferences for expectations and economic decisions. While household are inversely related to preferences, households with same inflation can differently assess whether level expected nominal interest rates is appropriate or too high/too low. This `hidden heterogeneity' in correlated sociodemographic characteristics affects...

Recently developed econometric methods, that are robust to weak instruments and exploit information in possible structural changes, applied study the Euler equation for consumption using aggregate US post-war data. Several extensions baseline model investigated. The results insensitive linear versus nonlinear specifications, different or data, but they very sensitive asset returns. With risk-fr...