| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9406 |
| DP9406 Consumption Growth, the Interest Rate, and Financial Literacy | |
| Tullio Jappelli; Mario Padula | |
| 发表日期 | 2013-03-24 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | We study a model in which financial sophistication improves portfolio returns and therefore the incentive to substitute consumption intertemporally. The model delivers a Euler equation in which consumption growth is positively correlated with financial sophistication. We test the model's prediction using panel data on consumption and financial literacy from the Italian Survey of Household Income and Wealth (SHIW) and an appropriate instrumental variables procedure. We find that consumption growth is positively correlated with financial literacy. Under plausible assumptions, we provide estimates of the intertemporal elasticity of substitution that are in line with those in the literature (between 0.2 and 0.4). We complement our results with direct evidence on the link between financial literacy and return on saving. |
| 主题 | Financial Economics ; International Macroeconomics |
| 关键词 | Consumption growth Euler equation Financial literacy |
| URL | https://cepr.org/publications/dp9406 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/538242 |
| 推荐引用方式 GB/T 7714 | Tullio Jappelli,Mario Padula. DP9406 Consumption Growth, the Interest Rate, and Financial Literacy. 2013. |
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