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Are Aggregate Consumption Relationships Similar Across the EU?

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  • Alan Carruth

    ()

  • Heather Gibson
  • Euclid Tsakalotos

    ()

Abstract

The answer to the question posed in the title of the paper may have some bearing on whether consumer spending will respond in similar ways to common shocks across the European Union. The DHSY model is implemented, its robustness and its commonality assessed for the 15 EU countries. The model performs encouragingly well across this group of countries, though there is evidence that the long run, unit elasticity restriction is not valid for a number of countries. Our results do not support the hypothesis of common aggregate consumption behaviour for these countries. Similar tests across four core countries, Germany, France, The Netherlands, and belgium, show greater conformity in the DHSY consumption estimates, as might be expected, but nevertheless the coefficient estimates are not similar at conventional significance levels.

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Bibliographic Info

Paper provided by Department of Economics, University of Kent in its series Studies in Economics with number 9609.

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Date of creation: Apr 1996
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Publication status: Published in Regional Studies, 1999, 33(1), pp.17-26
Handle: RePEc:ukc:ukcedp:9609

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Postal: Department of Economics, University of Kent at Canterbury, Canterbury, Kent, CT2 7NP
Phone: +44 (0)1227 764000
Fax: +44 (0)1227 827850
Web page: http://www.ukc.ac.uk/economics/

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Keywords: Consumer Spending; European Union; DHSY Model;

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Cited by:
  1. Hughes Hallett, Andrew & Piscitelli, Laura, 1999. "EMU in Reality: The Effect of a Common Monetary Policy on Economies with Different Transmission Mechanisms," CEPR Discussion Papers 2068, C.E.P.R. Discussion Papers.
  2. Stewart C., 2001. "An International Comparison of Long-Run Consumer Behaviour," European Research Studies Journal, European Research Studies Journal, vol. 0(3-4), pages 19-36, July - De.

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