期刊名称：Bank of Finland Research Discussion Papers (früher: Bank of Finland Discussion Papers)
印刷版ISSN：0785-3572
电子版ISSN：1456-6184
出版年度：2013
卷号：2013
出版社：Suomen Pankki = Bank of Finland
摘要：Cancellation of income and substitution e¤ect implied by King-Plosser- Rebelo (1988) preferences breaks tight coe¢ cient restriction between the slope of the Phillips curve and the elasticity of consumption with respect to real interest rate in a sticky price macro model. This facilitates the estimation of intertemporal elasticity of substitution using full informa- tion Bayesian Maximum Likelihood techniques within a structural model. The US data from the period 19842007 supports low intertemporal elas- ticity of substitution and strongly rejects a logarithmic and an additively separable utility speci cation commonly applied in the New Keynesian literature.
