Answers are grounded in this paper and cite their sources.
Martin Eichenbaum, Lars Peter Hansen, Estimating Models with Intertemporal Substitution Using Aggregate Time Series Data, Journal of Business & Economic Statistics, Vol. 8, No. 1 (Jan., 1990), pp. 53-69
No takes yet. Share an insight, caveat, or question.
Eichenbaum et al. (1990) studied this question.
Synapse has enriched 10 related papers. Consider them for comparative context: