This paper estimates the elasticity of intertemporal substitution in consumption (σ) by exploiting a natural experiment provided by a change in the Indian banking legislation. The new legislation ...

The focus of the paper is to measure how consumption responds to changes in the interest rate. The equivalence between the effect of the interest rate, and the effect of mortality probabilities, on ...

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