We estimate the elasticity of intertemporal substitution (EIS) - the elasticity of expected consumption growth with respect to variation in the real interest rate - using subjective expectations from the newly released FRBNY Survey of Consumer Expectations (SCE). This dataset is unique, since it...

Households commonly utilize strategies that provide long-term savings on everyday purchases in exchange for an increase in their short-term expenditures. For example, they buy larger packages of non-perishable goods to take advantage of bulk discounts, and accelerate their purchases to take...

How are substitution in the spatial and in the temporal sense connected? Can estimates based on data with spatial variation be transmitted into values appropriate for exploring temporal variation, and vice versa? This paper, building on, inter alia, Frisch (1959), attempts to give some...