休闲边际替代的跨期弹性

IF 4.1 3区 经济学 Q1 ECONOMICS
Takeshi Yagihashi, Juan Du
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引用次数: 0

摘要

本文在允许劳动/闲暇变化的情况下,通过估算消费替代的跨期弹性(IES)来研究家庭的消费平滑行为。为此,我们采用了一种实用规范,允许消费和休闲之间不可分离。使用此规范,我们将休闲边际定义为允许休闲变化的IES与保持休闲不变的IES之间的差距。我们发现一个正的和统计上显著的闲暇裕度在整个论文。此外,当考虑配偶的闲暇时,闲暇余量更大。这一结果表明,家庭劳动力供给在家庭消费决策中起着重要作用。我们进一步探讨了非市场时间的异质性,并表明消费-休闲可替代性在很大程度上可以用家庭生产来解释。我们的研究结果表明,当个人决定消费和储蓄时,时间分配的重要性。
本文章由计算机程序翻译,如有差异,请以英文原文为准。

Intertemporal elasticity of substitution with leisure margin

Intertemporal elasticity of substitution with leisure margin
This paper investigates households’ consumption smoothing behavior by estimating the intertemporal elasticity of substitution of consumption (IES) while allowing labor/leisure to vary. To this end, we adopt a utility specification that allows non-separability between consumption and leisure. Using this specification, we define a leisure margin as the gap between the IES that allows leisure to vary and the IES that keeps leisure constant. We find a positive and statistically significant leisure margin throughout the paper. In addition, the leisure margin becomes larger when the spouse’s leisure is taken into consideration. This result indicates that family labor supply plays an important role in households’ consumption decisions. We further explore the heterogeneous nature of nonmarket time, and show that consumption-leisure substitutability could be explained largely by home production. Our findings demonstrate the importance of time allocation when individuals make decisions on consumption and saving.
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来源期刊
CiteScore
9.30
自引率
3.90%
发文量
39
期刊介绍: The Review of Economics of the Household publishes high-quality empirical and theoretical research on the economic behavior and decision-making processes of single and multi-person households. The Review is not wedded to any particular models or methods. It welcomes both macro-economic and micro-level applications. Household decisions analyzed in this journal include ·         household production of human capital, health, nutrition/food, childcare, and eldercare, ·         well-being of persons living in households, issues of gender and power, ·         fertility and risky behaviors, ·         consumption, savings and wealth accumulation, ·         labor force participation and time use,·         household formation (including marriage, cohabitation and fertility) and dissolution,·         migration, intergenerational transfers,·         experiments involving households,·         religiosity and civility.The journal is particularly interested in policy-relevant economic analyses and equally interested in applications to countries at various levels of economic development. The Perspectives section covers articles on the history of economic thought and review articles. Officially cited as: Rev Econ Household
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