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A Panel Cointegration Analysis of the Relation between Private and Government Consumption

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  • Eriksson , Åsa

    ()
    (Department of Economics, Lund University)

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    Abstract

    This paper analyses the relation between private and government consumption in 23 OECD countries between 1970 and 2001. In particular it addresses the issue of whether government consumption is a substitute for or a complement to private consumption. The empirical analysis is made with panel cointegration analysis, using the newly developed CUSUM cointegration test by \cite{westerlund05}. The method is extended by using a bootstrap technique to control for cross-sectional dependence. The results show that government consumption is a complement to private consumption for most of the countries and a substitute for only a few of the countries.

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    File URL: http://project.nek.lu.se/publications/workpap/Papers/WP06_2.pdf
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    Bibliographic Info

    Paper provided by Lund University, Department of Economics in its series Working Papers with number 2006:2.

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    Length: 39 pages
    Date of creation: 21 Dec 2005
    Date of revision:
    Handle: RePEc:hhs:lunewp:2006_002

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    Postal: Department of Economics, School of Economics and Management, Lund University, Box 7082, S-220 07 Lund,Sweden
    Phone: +46 +46 222 0000
    Fax: +46 +46 2224613
    Web page: http://www.nek.lu.se/en
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    Keywords: Private consumption; Government consumption; Panel cointegration;

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