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Specification and Estimation of ELES

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  • RUSSEL J. COOPER
  • KEITH R. McLAREN

Abstract

The Extended Linear Expenditure System b reformulated to yield private per capita net worth as the basic explanatory variable. As a by‐product the model implies that the marginal propensity to consume/save out of permanent income varies with the rate of interest. In the estimation, account is taken of inconsistencies in data compiled from different sources by explicity including the savings relationship in the system. Parameter estimates based on Australian data are presented.

Suggested Citation

  • RUSSEL J. COOPER & KEITH R. McLAREN, 1981. "Specification and Estimation of ELES," The Economic Record, The Economic Society of Australia, vol. 57(1), pages 74-79, March.
    • Handle: RePEc:bla:ecorec:v:57:y:1981:i:1:p:74-79
    DOI: 10.1111/j.1475-4932.1981.tb01702.x
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    References listed on IDEAS

    as
    1. A. A. Powell, 1973. "An ELES Consumption Function for the United States," The Economic Record, The Economic Society of Australia, vol. 49(3), pages 337-357, September.
    2. Lluch, Constantino, 1973. "The extended linear expenditure system," European Economic Review, Elsevier, vol. 4(1), pages 21-32, April.
    3. Constantino Lluch & R. Williams, 1975. "Consumer Demand Systems and Aggregate Consumption in the US: An Application of the Extended Linear Expenditure System," Canadian Journal of Economics, Canadian Economics Association, vol. 8(1), pages 49-66, February.
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