Measuring Intertemporal Substitution: The Role of Durable Goods
指出Hall（1988）对跨期替代弹性（IES）的估计存在向下偏差，原因在于忽略了非耐用品与耐用品之间的期内替代，以及实际利率变化对耐用品使用成本的影响。
As pointed out by Hall (1988), intertemporal substitution by consumers is a central element of many modern macroeconomic and international models. We argue that Hall's estimator or the IES is downward biased because the intra-temporal substitution between nondurable consumption goods and durable consumption goods is ignored and because the changes in real interest rates affect user costs of durable goods.