intertemporal substitution 예문

예문

1. In discrete-time models, the elasticity of substitution of consumption in periods t and t + 1 is known as elasticity of intertemporal substitution.
2. In the Ramsey growth model, the elasticity of intertemporal substitution determines the speed of adjustment to the steady state and the behavior of the saving rate during the transition.
3. Frequently used elasticities include price elasticity of demand, price elasticity of supply, income elasticity of demand, elasticity of substitution between factors of production and elasticity of intertemporal substitution.
4. These assumptions imply that the elasticity of intertemporal substitution, and its inverse, costs of business cycles or evaluating a policy change in a dynamic general equilibrium model with heterogeneous agents.
5. Importantly, unlike VNM utility functions ( e . g . isoelastic utility ), Epstein-Zin preferences allow the elasticity of intertemporal substitution ( determined above by \ rho ) to be unrelated to risk aversion ( determined above by \ alpha ).