Noda, Akihiko; Sugiyama, Shunsuke - In: Economics Bulletin 30 (2010) 1, pp. 524-533
The purpose of this paper is to present improved estimates of the intertemporal elasticity of substitution (IES) for Japan assuming a constant relative risk aversion (CRRA) utility function. The estimates of the IES we obtain range from 0.2 to 0.5 when we use quarterly consumption data and the...
