Person:
González Urteaga, Ana

Profile Picture

Email Address

person.page.identifierURI

https://academica-e.unavarra.es/handle/2454/49191

Birth Date

Research Projects

Organizational Units

Job Title

Last Name

González Urteaga

First Name

Ana

person.page.departamento

Gestión de Empresas

person.page.instituteName

INARBE. Institute for Advanced Research in Business and Economics

ORCID

0000-0002-8256-8518

person.page.upna

810168

Name

Filters

20171
Reset filters

Settings

Author: Rubio Irigoyen, Gonzalo ×

Search Results

Now showing 1 - 1 of 1
  • Thumbnail Image
    PublicationOpen Access
    Estimating the elasticity of intertemporal substitution with leverage
    (Elsevier, 2017) González Urteaga, Ana; Rubio Irigoyen, Gonzalo; Gestión de Empresas; Enpresen Kudeaketa
    Following the recent literature on intermediary asset pricing models, this paper argues that the marginal utility of wealth of financial intermediaries can be used to generate enough volatility and counter-cyclicality on the recursive preference-based stochastic discount factor. Hence, a dynamic econometric strategy of an asset pricing model with the market portfolio return and the leverage growth of financial intermediaries allows for a sensible economic estimate of the elasticity of intertemporal substitution. On the contrary, the same framework with alternative measures of consumption produces extremely poor economic results.