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

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Author Info
Eriksson , Åsa () (Department of Economics, Lund University)
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://www.nek.lu.se/publications/workpap/Papers/WP06_2.pdf
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Publisher 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

Contact details of provider:
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/
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Related research
Keywords: Private consumption; Government consumption; Panel cointegration;

Find related papers by JEL classification:
C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data
E21 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy

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This page was last updated on 2009-12-2.

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