Citations: Vissing-Jorgensen, Annette. 2002. Limited Stock Market Participation and the Elasticity of Intertemporal Substitution. Journal of Political Economy. (4)825-853.

We solve and estimate a dynamic model that allows agents to optimally choose their labor hours and consumption and that allows for both human capital accumulation and savings. Estimation results and ...

Arguments about the appropriate discount rate often start by assuming a Utilitarian social welfare function with isoelastic utility, in which the consumption discount rate is a function of the ...

Empirical evidence for small developed economies finds that consumption is procyclical and as volatile as output, and real net exports are coutercyclical. Earlier studies have not been able to ...