Are Aggregate Consumption Relationships Similar Across the EU?
AbstractThe 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 InfoPaper provided by Department of Economics, University of Kent in its series Studies in Economics with number 9609.
Date of creation: Apr 1996
Date of revision:
Publication status: Published in Regional Studies, 1999, 33(1), pp.17-26
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Postal: Department of Economics, University of Kent at Canterbury, Canterbury, Kent, CT2 7NP
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Web page: http://www.ukc.ac.uk/economics/
Find related papers by JEL classification:
- E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
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