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Abstract
In this study, the intertemporal elastisity of substitution (IES) by consumers in Japan is estimated using the two-step estimating method used by Ogaki and Reinhart (Journal of Political Economy, 106, pp. 1079–98, Citation1998). This method is estimating the IES in consideration of intratemporal substitution between durables and nondurables. Consequently, the acquired estimated values are larger than the US values used by Ogaki and Reinhart.
Notes
1 In Ogaki and Reinhart (Citation1997), the null hypothesis of stationarity cannot be rejected for the growth rate of estimated μ t .