There is no canned or automatic effect for this in Premiere Elements. However ATR has come up with a solution. It takes a lot of work, but it accomplishes the effect.
She discusses it in this thread.
Please let me know if you need any further information on the Premiere Elements Typewriter Effect how to that I worked out for another user recently and posted it in my free blog.
The effect is not a drag and drop effect, yet it is not difficult to do and does not take a lot of work when the details are supplied to you. But, you need to decide what works for you.
As a side note, in my troubleshooting Premiere Elements work, I have always identified myself only as ATR. Consequently, please ignore any reference to me as she or he made my anyone in this thread or elsewhere. The Adobe Forums
supports me in this matter. My only focus has always been Premiere Elements troubleshooting and not who I am or am not beyond ATR.
Please consider the Typewriter Effect work, and let me know if you need any assistance with what I described.