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La elasticidad de sustitución intertemporal en el consumo: evidencia empírica en países representativos de la OCDE

Listed author(s):
  • José Alberto Molina Chueca

    (Universidad de Zaragoza)

En este trabajo estimamos una función de consumo Frisch a partir de la cual obtenemos los valores de la elasticidaad de sustitución intertemporal para varios países representativos de la OCDE (Gran Bretaña, España, Suecia y Canadá) durante el periodo 1964-1992. Los resultados indican que las cifras para todos los países son negativas de acuerdo con las exigencias de la teoría de la demanda y, en segundo lugar, las estimaciones significativas muestran que Canadá exhibe el valor más alto (en términos absolutos), alrededor de -0,42, mientras que Gran Bretaña muestra la cifra más baja. -0,25. España exhibe un valor intermedio, -0,31. In this paper we estimate a Frisch consumption function from which we obtain the values of the intertemporal substitution elasticity for some OECD representative countries (the UK, Spain, Sweden and Canada) during the period 1964-1992. The results indicate that the figures of all countries are negative according to the requirements of the demand theory and, secondly, the significant point estimates show that Canada exhibits the greatest figure (in absolute terms), around -0,42, whereaas the UK displays the smallest one, -0,25. Spain shows an intermediate value, -0,31.

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Article provided by Estudios de Economía Aplicada in its journal Estudios de Economía Aplicada.

Volume (Year): 9 (1998)
Issue (Month): (Junio)
Pages: 119-131

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Handle: RePEc:lrk:eeaart:9_2_7
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  1. Clements, Kenneth W. & Suhm, Frederick E. & Theil, Henri, 1979. "A cross-country tabulation of income elasticities of demand," Economics Letters, Elsevier, vol. 3(2), pages 199-202.
  2. MaCurdy, Thomas E, 1981. "An Empirical Model of Labor Supply in a Life-Cycle Setting," Journal of Political Economy, University of Chicago Press, vol. 89(6), pages 1059-1085, December.
  3. Browning, Martin, 1986. "The costs of using Frisch demand functions that are additive in the marginal utility of expenditure," Economics Letters, Elsevier, vol. 21(3), pages 205-207.
  4. Martin J. Browning, 1989. "The Intertemporal Allocation of Expenditure on Non-durables, Services, and Durables," Canadian Journal of Economics, Canadian Economics Association, vol. 22(1), pages 22-36, February.
  5. Theil, Henri & Finke, Renate, 1984. "A time series analysis of a demand system based on cross-country coefficient estimates," Economics Letters, Elsevier, vol. 15(3-4), pages 245-250.
  6. Muellbauer, John, 1976. "Community Preferences and the Representative Consumer," Econometrica, Econometric Society, vol. 44(5), pages 979-999, September.
  7. Finke, Renate & Lu, Wen-He & Theil, Henri, 1984. "A cross-country tabulation of own-price elasticities of demand," Economics Letters, Elsevier, vol. 14(2-3), pages 137-142.
  8. Suhm, Frederick E., 1979. "A cross-country analysis of Divisia covariances of prices and quantities consumed," Economics Letters, Elsevier, vol. 3(3), pages 287-291.
  9. Theil, Henri & Laitinen, Kenneth, 1979. "Maximum likelihood estimation of the Rotterdam model under two different conditions," Economics Letters, Elsevier, vol. 2(3), pages 239-244.
  10. Finke, Renate & Flood, Lennart R. & Theil, Henri, 1984. "Maximum likelihood and instrumental variable estimation of a consumer demand system for Japan and Sweden," Economics Letters, Elsevier, vol. 15(1-2), pages 13-19.
  11. Flood, Lennart R. & Finke, Renate & Theil, Henri, 1984. "An evaluation of alternative demand systems by means of implied income elasticities," Economics Letters, Elsevier, vol. 15(1-2), pages 21-27.
  12. Browning, Martin, 1991. "A Simple Nonadditive Preference Structure for Models of Household Behavior over Time," Journal of Political Economy, University of Chicago Press, vol. 99(3), pages 607-637, June.
  13. Finke, Renate & Rosalsky, Mercedes C. & Theil, Henri, 1983. "A new cross-country tabulation of income elasticities of demand," Economics Letters, Elsevier, vol. 12(3-4), pages 391-396.
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