Publication Bias in Measuring Intertemporal Substitution

Tomas Havranek

No 2013/15, Working Papers IES from Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies

Abstract: I examine 2,735 estimates of the elasticity of intertemporal substitution in consumption (EIS) reported in 169 published studies. The literature shows strong publication bias: researchers report negative and insignificant estimates less often than they should, which pulls the mean estimate up by about 0.5. When I correct the mean for the bias, for macro estimates I get zero, even though the reported t - statistics are on average two. The corrected mean of micro estimates for asset holders is around 0.3–0.4. Calibrations of the EIS greater than 0.8 are inconsistent with the bulk of the empirical evidence.

Keywords: Elasticity of intertemporal substitution; consumption; publication bias; meta-analysis (search for similar items in EconPapers)
JEL-codes: C83 E21 (search for similar items in EconPapers)
Pages: 26pages
Date: 2013-10, Revised 2013-10
New Economics Papers: this item is included in nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (19)

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