3Dynan  is the best known micro study; many others are reported in Havranek et al. . It is well-known that household-level data on consumption are subject to substantial measurement error. Consequently, attenuation of the micro estimates of might be expected (even though many studies use estimation techniques robust to measurement error). Micro studies have been sensitive to this challenge from Dynan  onward, and have not found any method of controlling for measurement error that makes the estimates appreciably higher.