Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/102581
Authors: 
Havránek, Tomáš
Year of Publication: 
2013
Series/Report no.: 
IES Working Paper 15/2013
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.
Subjects: 
Elasticity of intertemporal substitution
consumption
publication bias
meta-analysis
JEL: 
E21
C83
Document Type: 
Working Paper
Appears in Collections:

Files in This Item:
File
Size
525.52 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.