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|z 9781451844306
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|a 1018-5941
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|a Hu, Zuliu.
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|a Intertemporal Substitution in Consumption Revisited /
|c Zuliu Hu.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 1993.
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|a 1 online resource (26 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a Some of the highly controversial questions in macroeconomics critically hinge on the value of a single parameter of consumer preference--the elasticity of intertemporal substitution. This paper provides new estimates of this parameter for individual G-7 and a panel of twenty OECD countries. We find that single equation GMM estimates are typically small and imprecise, consistent with Hall's (1988) finding from the U.S. data. Estimation of a system of equations that takes into account the cross-equation restrictions implied by theory, however, generally gives larger and better determined values for the parameter. The panel procedure also yields relatively large estimates. Overall our multi-country results contradict the hypothesis of zero intertemporal substitution.
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|a Mode of access: Internet
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|a IMF Working Papers; Working Paper ;
|v No. 1993/026
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/1993/026/001.1993.issue-026-en.xml
|z IMF e-Library
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