Detail publikace

Publication Bias in Measuring Intertemporal Substitution

Autor: doc. PhDr. Tomáš Havránek Ph.D.,
Typ: IES Working Papers
Rok: 2013
Číslo: 15
Publikováno v: IES Working Papers 15/2013 (featured on the Economic Logic blog)
Místo vydání: Prague
Klíčová slova: Elasticity of intertemporal substitution, consumption, publication bias, meta-analysis
JEL kódy: E21, C83
Citace: Havránek, T. (2013). “Publication Bias in Measuring Intertemporal Substitution” IES Working Paper 15/2013. IES FSV. Charles University.
Abstrakt: 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.
Ke stažení: WP_2013_15_Havranek


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