Engel'S Law And Cointegration
AbstractA time-series counterpart of Engel's law is that the expenditure share on food declines as the economy grows. The main purpose of this paper is to test whether Houthakker's addilog utility function can simultaneously explain this time-series observation and cross-sectional observations concerning Engel's law. Masao Ogaki and Joon Y. Park's cointegration approach is used to estimate parameters of the utility function from time-series data. Total expenditure elasticities implied.by the estimated addilog utility function are compared with estimates of the elasticities from cross-sectional data. Copyright 1992 by University of Chicago Press.
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Bibliographic InfoPaper provided by University of Rochester - Center for Economic Research (RCER) in its series RCER Working Papers with number 228.
Length: 43 pages
Date of creation: 1990
Date of revision:
Contact details of provider:
Postal: University of Rochester, Center for Economic Research, Department of Economics, Harkness 231 Rochester, New York 14627 U.S.A.
household ; time series ; economic growth ; economic models;
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