search query: @author Ogaki, M. / total: 3
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| Author: | Ogaki, M. Reinhart, C. |
| Title: | Measuring intertemporal substitution: the role of durable goods |
| Journal: | Journal of Political Economy
1998 : OCT, VOL. 106:5, p. 1078-1098 |
| Index terms: | POLITICAL ECONOMY CONSUMER DURABLES SUBSTITUTE GOODS |
| Language: | eng |
| Abstract: | In estimating the intertemporal elasticity of substitution, Hall finds that, when one takes account of time aggregation, point estimates are small and not significantly different from zero. The authors use a two-step procedure that combines a co-integration approach to preference parameter estimation with generalized method of moments to take these effects into account. The authors' estimates for the intertemporal elasticity of substitution are positive and significantly different from zero even when time aggregation is taken into account. |
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