Panel data analysis shows positive elasticity of intertemporal substitution in provincial China, indicating economic behavior implications.
Taking into account returns on various assets, in this paper, we computed synthetic returns at the provincial level for China. To deal with the problem of weak instruments, we used LIML and CUE-GMM for estimation, and obtained a significantly positive elasticity of intertemporal substitution.
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Hongfei ZHU (2023) studied this question.
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