Publication bias in measuring intertemporal substitution
作者： Tomáš Havránek
DOI:
关键词: Elasticity of intertemporal substitution 、 Substitution bias 、 Econometrics 、 Economics 、 Consumption (economics) 、 Meta-analysis 、 Publication bias 、 Substitution (logic) 、 Empirical evidence 、 Asset (economics)
摘要: I examine 2,735 estimates of the elasticity intertemporal substitution in consumption (EIS) reported 169 published studies. The literature shows strong publication bias: researchers report negative and insignificant less often than they should, which pulls mean estimate up by about 0.5. When correct for bias, macro get zero, even though t - statistics are on average two. corrected micro asset holders is around 0.3–0.4. Calibrations EIS greater 0.8 inconsistent with bulk empirical evidence.
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