Intertemporal substitution and durable goods: Long-run data

Masao Ogaki; Carmen M. Reinhart

doi:10.1016/s0165-1765(98)00136-0

Intertemporal substitution and durable goods: Long-run data

Masao Ogaki, Carmen M. Reinhart

Research output: Contribution to journal › Article › peer-review

22 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 language	English
Pages (from-to)	85-90
Number of pages	6
Journal	Economics Letters
Volume	61
Issue number	1
DOIs	https://doi.org/10.1016/s0165-1765(98)00136-0
Publication status	Published - 1998 Oct 1
Externally published	Yes

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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10.1016/s0165-1765(98)00136-0

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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 = "Cointegration, Durable Goods, E21, Generalized Method of Moments, Intertemporal Elasticity of Substitution",

author = "Masao Ogaki and Reinhart, {Carmen M.}",

note = "Funding Information: All data and programs used for this paper are available from the first author upon request. Portions of this paper were written while the first author was a visiting scholar at the Research Department of the International Monetary Fund. He thanks the Commodities and Special Issues Division staff for a stimulative research environment, and gratefully acknowledges financial support by National Science Foundation grant no. SES-9213930.",

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AU - Ogaki, Masao

AU - Reinhart, Carmen M.

N1 - Funding Information: All data and programs used for this paper are available from the first author upon request. Portions of this paper were written while the first author was a visiting scholar at the Research Department of the International Monetary Fund. He thanks the Commodities and Special Issues Division staff for a stimulative research environment, and gratefully acknowledges financial support by National Science Foundation grant no. SES-9213930.

PY - 1998/10/1

Y1 - 1998/10/1

N2 - 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.

AB - 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.

KW - Cointegration

KW - Durable Goods

KW - E21

KW - Generalized Method of Moments

KW - Intertemporal Elasticity of Substitution

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JF - Economics Letters

IS - 1

ER -

Intertemporal substitution and durable goods: Long-run data

Abstract

Keywords

ASJC Scopus subject areas

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