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Age, Trend, and Cohort Effects in a Macro Model of Canadian Expenditure Patterns

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  • Denton, Frank T
  • Mountain, Dean C
  • Spencer, Byron G

Abstract

A quadratic almost ideal demand system allowing for age, cohort, and trend effects is developed at the macro level. The model is estimated by maximum likelihood, using a three-tier iterative/search method applied to pooled 1961-1992 time series for five regions of Canada and six categories of expenditure. Hypothesis tests indicate support for the model specification. Elasticities are compared with those reported in other studies, with special attention to food. Effects of demographic and trend variables on elasticities and expenditure shares are investigated. An overall conclusion is that such effects can be very important in a macro demand system.

Suggested Citation

  • Denton, Frank T & Mountain, Dean C & Spencer, Byron G, 1999. "Age, Trend, and Cohort Effects in a Macro Model of Canadian Expenditure Patterns," Journal of Business & Economic Statistics, American Statistical Association, vol. 17(4), pages 430-443, October.
  • Handle: RePEc:bes:jnlbes:v:17:y:1999:i:4:p:430-43
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    Citations

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    Cited by:

    1. Teresa Leal & Javier J. Pérez & Mika Tujula & Jean-Pierre Vidal, 2008. "Fiscal Forecasting: Lessons from the Literature and Challenges," Fiscal Studies, Institute for Fiscal Studies, vol. 29(3), pages 347-386, September.
    2. Denton, Frank T. & Mountain, Dean C., 2001. "Income distribution and aggregation/disaggregation biases in the measurement of consumer demand elasticities," Economics Letters, Elsevier, vol. 73(1), pages 21-28, October.
    3. David J. McKenzie, 2006. "Disentangling Age, Cohort and Time Effects in the Additive Model," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 68(4), pages 473-495, August.
    4. Diotallevi, Francesco, 2010. "L’analisi della domanda degli oli extravergine d’oliva in Italia Un’applicazione del modello A.I.D.S
      [The analysis of the demand for extra virgin olive oil in Italy An application of the AIDSmodel]
      ," MPRA Paper 41469, University Library of Munich, Germany.
    5. Arpita Chatterjee & Aarti Singh & Tahlee Stone, 2016. "Understanding Wage Inequality in Australia," The Economic Record, The Economic Society of Australia, vol. 92(298), pages 348-360, September.
    6. Denton, Frank T. & Mountain, Dean C., 2011. "Exploring the effects of aggregation error in the estimation of consumer demand elasticities," Economic Modelling, Elsevier, vol. 28(4), pages 1747-1755, July.
    7. Frank Denton & Dean Mountain, 2004. "Aggregation effects on price and expenditure elasticities in a quadratic almost ideal demand system," Canadian Journal of Economics, Canadian Economics Association, vol. 37(3), pages 613-628, August.
    8. Frank T. Denton & Dean C. Mountain & Byron G. Spencer, 2002. "Age, Retirement and Expenditure Patterns: An Econometric Study of Older Canadian Households," Quantitative Studies in Economics and Population Research Reports 375, McMaster University.
    9. Anders, Sven M., 2010. "Ageing And Consumption – The Impact Of Demographic Change On Food Expenditure Patterns," 115th Joint EAAE/AAEA Seminar, September 15-17, 2010, Freising-Weihenstephan, Germany 116442, European Association of Agricultural Economists;Agricultural and Applied Economics Association.
    10. Frank T. Denton & Dean C. Mountain, 2007. "Exploring the Effects of Aggregation Error in the Estimation of Consumer Demand Elasticities," Social and Economic Dimensions of an Aging Population Research Papers 226, McMaster University.
    11. repec:eee:joecag:v:3:y:2014:i:c:p:1-10 is not listed on IDEAS

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