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Modelling Seasonality in the Australian Consumption Function

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  • Imad A. Moosa
  • Pauline Kennedy

Abstract

This paper puts forward the proposition that failure to take account of stochastic seasonality results in dynamic misspecification. This point is illustrated by estimating various versions of a simple Australian consumpt ion function using seasonally unadjusted data covering the period 1959(3)–1993(3). It is demonstrated that only the equation modelling stochastic seasonality as an unobserved component shows no dynamic misspecification unlike other equations. This equation is also shown to have the highest explanatory power and, unlike other equations, to be structurally stable

Suggested Citation

  • Imad A. Moosa & Pauline Kennedy, 1998. "Modelling Seasonality in the Australian Consumption Function," Australian Economic Papers, Wiley Blackwell, vol. 37(1), pages 88-102, March.
    • Handle: RePEc:bla:ausecp:v:37:y:1998:i:1:p:88-102
    DOI: 10.1111/1467-8454.00008
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    Cited by:

    1. Alvin Tan & Graham Voss, 2000. "Consumption and Wealth," RBA Research Discussion Papers rdp2000-09, Reserve Bank of Australia.

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