Comparison of Time-Series and Cross-Sectional Elasticities
In this chapter, we undertake a comparison of the elasticities estimated from the NIPA time-series data with their counterparts estimated in earlier chapters from the BLS consumer expenditure surveys. Two comparisons will be made. The first is of total-expenditure elasticities for the CES 29 categories of expenditure analyzed in Chapter 11, while the second is of both total-expenditure and price elasticities at the CES 6-category level analyzed in Chapter 6. In both cases, comparison is to steady-state NIPA elasticities.