Intertemporal substitution and durable goods: Long-run data

Masao Ogaki, Carmen M. Reinhart

Research output: Contribution to journalArticle

19 Citations (Scopus)

Abstract

In this paper, we use long-run annual data to estimate the intertemporal elasticity of substitution while accounting for the intra-temporal substitution between nondurable consumption goods and durable consumption goods. We apply a two-step procedure that combines a cointegration approach to preference parameter estimation with Generalized Method of Moments.

Original languageEnglish
Pages (from-to)85-90
Number of pages6
JournalEconomics Letters
Volume61
Issue number1
Publication statusPublished - 1998 Oct 1
Externally publishedYes

Keywords

  • Cointegration
  • Durable Goods
  • E21
  • Generalized Method of Moments
  • Intertemporal Elasticity of Substitution

ASJC Scopus subject areas

  • Finance
  • Economics and Econometrics

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