The aim of this paper is testing the three first-order conditions of an intertemporal optimization model for a representative individual who chooses simultaneously for her level of consumption and leisure, assuming a separable utility function. We estimate these conditions jointly in a system of equations, using a Spanish pseudo-panel data set built by combining the Family Expenditure Survey and the Labor Survey over the period 1987–1997. Our results are in line with previous empirical evidence as regards the elasticity of intertemporal substitution for consumption, as our estimate for this elasticity is between 0.4 and 0.5. Further, we also obtain the first estimate for Spain of the intertemporal elasticity of leisure. This value is above 0.3, and is comparable to other estimates found for other economies.

本文的目的是测试一个具有代表性的个体的跨期优化模型的三个一阶条件，假设一个可分离的效用函数，他同时选择她的消费和休闲水平。我们在一个方程组中联合估计这些条件，使用西班牙伪面板数据集，该数据集通过结合 1987 年至 1997 年期间的家庭支出调查和劳动力调查而构建。我们的结果与之前关于消费的跨期替代弹性的经验证据一致，因为我们对这种弹性的估计在 0.4 到 0.5 之间。此外，我们还获得了西班牙休闲跨期弹性的第一个估计值。该值高于 0.3，与其他经济体的其他估计值相当。