Intertemporal substitution and durable goods: long-run data

Carmen Reinhart and Masao Ogaki

MPRA Paper from University Library of Munich, Germany

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.

Keywords: consumption; real; interest; rates; durable; goods; cointegration (search for similar items in EconPapers)
JEL-codes: E21 (search for similar items in EconPapers)
Date: 1998
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Citations: View citations in EconPapers (28)

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Journal Article: Intertemporal substitution and durable goods: long-run data (1998)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:13683

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