Beaudry, Paul; van Wincoop, Eric - In: Economica 63 (1996) 251, pp. 495-512
This paper uses state-level consumption data to estimate the intertemporal elasticity of substitution of consumption (IES). In contrast to the results of Hall (1988) and Campbell and Mankiw (1989), we provide evidence indicating that the IES is significantly different from zero and probably...