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. Author manuscript; available in PMC: 2020 Oct 30.

Published in final edited form as: Rev Econ Stat. 2020 Feb 28;102(1):113–128. doi: 10.1162/rest_a_00794

Table 7:

Heterogeneity in the elasticity of substitution

	Interactions with		Interactions with		Interactions with
	Housing wealth		Financial wealth		Bequest probability
	(1)	(2)	(3)	(4)	(5)	(6)
Second-stage: Δln(h_int)
$Δ l n (c_{i m t}^{s})$	−0.67 ^*	−0.92	−0.58 ^*	−0.24	−0.80	−0.58
	(0.40)	(0.60)	(0.34)	(0.26)	(0.66)	(0.44)
$Δ l n (c_{i m t}^{S}) \cdot {(W - M o r t)}_{i t - 1} (/ 1000)$	0.11 (0.19)	0.20 (0.25)
$Δ l n (c_{i m t}^{s}) \cdot {(F i n - D e b t)}_{i t - 1} (/ 1000)$			0.00 (0.00)	0.00 (0.00)
$Δ l n (c_{i m t}^{s}) \cdot P {(B e q > 10 k)}_{i t - 1} (/ 100)$					−0.10 (0.92)	0.43 (0.56)
First-stage: $Δ l n (c_{i m t}^{s})$
D_GRΔln(W_it )	0.12^**	0.10	0.10 ^*	0.10	0.12	0.10
	(0.06)	(0.09)	(0.05)	(0.09)	(0.09)	(0.09)
D_GRΔln(W_it) · (W − Mort)_it−1(/1000)	0.07 ^*	0.09^**		0.09^**		0.09^**
	(0.04)	(0.04)		(0.04)		(0.04)
D_GRΔln(W_it) · Fin_it−1(/1000)		0.01	0.22	0.01		0.01
		(0.17)	(0.20)	(0.17)		(0.17)
D_GRΔln(W_it) · Debt_it−1(/1000)		0.00	0.00	0.00		0.00
		(0.00)	(0.00)	(0.00)		(0.00)
D_GRΔln(W_it) · P(Beq > 10k)_it−1(/100)		−0.05		−0.05	−0.05	−0.05
		(0.12)		(0.12)	(0.11)	(0.12)

H₀: β_n2 = − 1	[0.41]	[0.89]	[0.21]	[0.00]	[0.76]	[0.34]
Observations (N × T)	2,500	2,414	2,500	2,414	2,414	2,414
F-statistic	4.35	1.88	5.79	1.88	5.79	1.88

Notes: Standard errors reported in parentheses are robust to heteroskedasticity and autocorrelation,

^*

denotes significant at the 10% level,

^**

at the 5% level and

^***

at the 1% level. P-values reported in square brackets. 2011 US dollars. All regressions include demographic controls and period dummies