PostgresSql option for creating table like another table

In MSSQL there is an easy, code-based, way to create a table with the same DDL and data as another table.
This is simply by running a query similar to this:

select * INTO "NEW TABLE" FROM "SOURCE TABLE"

I needed to do something similar in PostgreSQL and found this to be a nice way to recreate a table using another as a templet

CREATE TABLE TESTTABLE
AS
  SELECT *
  FROM "SOURCE TABLE"
  WHERE false;