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UK Consumption in the long run: the determinants of consumer spending 19251995

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  • Dr Martin Weale

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Abstract

Study of long runs of economic data makes it possible to distinguish between unit root processes and deterministic, but broken trends. We find that most of the variables to be used in a consumption function have deterministic trends. We estimate a modified life-cycle model over the period 19251995, finding satisfactory and stable model parameters together with long-run residuals from which we can exclude broken trends, indicating that we have found a co-trending and co-breaking relationship. By contrast, the long-run residuals from a model which explains consumption in terms of income and inflation exhibit a broken trend.

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Bibliographic Info

Paper provided by National Institute of Economic and Social Research in its series NIESR Discussion Papers with number 204.

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Date of creation: Feb 1998
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Handle: RePEc:nsr:niesrd:204

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Cited by:
  1. Jan Babecky & Ales Bulir & Katerina Smidkova, 2012. "Sustainable Real Exchange Rates in the New EU Member States: What Did the Great Recession Change?," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 62(3), pages 226-251, July.
  2. Ray Barrell & Dawn Holland & Katerina Smidkova, 2003. "Estimates of Fundamental Real Echange Rates for the Five EU Pre- Accession Countries," Macroeconomics 0303016, EconWPA.
  3. Jaanus Raim, 2004. "The Alternative to the Existing System of the Concepts about Purchasing Power Parity Deviations . Derived from the Estonian Experience," Working Papers 115, Tallinn School of Economics and Business Administration, Tallinn University of Technology.

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