Chen, Xiaohong; Favilukis, Jack; Ludvigson, Sydney C. - In: Quantitative economics : QE ; journal of the … 4 (2013) 1, pp. 39-83
the estimated relative risk aversion parameter ranges from 17 to 60, with higher values for aggregate consumption than for … stockholder consumption, while the estimated elasticity of intertemporal substitution is above 1. In addition, the estimated model …