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A Comparison of the Translog and Almost Ideal Demand Models

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  • Clifford Attfield

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    Abstract

    A version of the Translog demand system is compared with the Almost Ideal demand model within a time series setting, where variables are nonstationary, by testing both models for the theoretical demand propositions of 'homogeneity, symmetry and negativity' and by comparing out of sample forecasting performance. Demographic age and income distributional effects are included in both models.

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    File URL: http://www.efm.bris.ac.uk/economics/working_papers/pdffiles/dp04564.pdf
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    Bibliographic Info

    Paper provided by Department of Economics, University of Bristol, UK in its series Bristol Economics Discussion Papers with number 04/564.

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    Length: 31 pages
    Date of creation: Jul 2004
    Date of revision:
    Handle: RePEc:bri:uobdis:04/564

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    Keywords: Demand Equations; Age Demographics; Nonstationarity.;

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    1. Ng, S., 1995. "Testing for Homogeneity in Demand Systems when the Regressors Are Non-Stationary," Cahiers de recherche 9516, Universite de Montreal, Departement de sciences economiques.
    2. Bai, Jushan & Lumsdaine, Robin L & Stock, James H, 1998. "Testing for and Dating Common Breaks in Multivariate Time Series," Review of Economic Studies, Wiley Blackwell, vol. 65(3), pages 395-432, July.
    3. Deaton, Angus S & Muellbauer, John, 1980. "An Almost Ideal Demand System," American Economic Review, American Economic Association, vol. 70(3), pages 312-26, June.
    4. Osterwald-Lenum, Michael, 1992. "A Note with Quantiles of the Asymptotic Distribution of the Maximum Likelihood Cointegration Rank Test Statistics," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 54(3), pages 461-72, August.
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