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An application of cointegration theory in the estimation of the almost ideal demand system for food consumption in Bulgaria

  • Balcombe, K. G.
  • Davis, J. R.

The Almost Ideal Demand system is applied to consumption in Bulgaria. It is argued that the conventional estimation of the Almost Ideal model should be done within the framework of contemporary time series methodology. In this paper, the canonical cointegrating regression procedure of Park is applied. It is argued that the results of the Almost Ideal Demand system that are presented are consistent with both theory and 'casual' observation of consumer behaviour in Bulgaria.

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Article provided by Blackwell in its journal Agricultural Economics.

Volume (Year): 15 (1996)
Issue (Month): 1 (September)
Pages: 47-60

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Handle: RePEc:eee:agecon:v:15:y:1996:i:1:p:47-60
Contact details of provider: Web page: http://www.blackwell-synergy.com/loi/agec

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  9. Zivot, Eric & Andrews, Donald W K, 2002. "Further Evidence on the Great Crash, the Oil-Price Shock, and the Unit-Root Hypothesis," Journal of Business & Economic Statistics, American Statistical Association, vol. 20(1), pages 25-44, January.
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  17. Hansen, Bruce E, 1992. "Tests for Parameter Instability in Regressions with I(1) Processes," Journal of Business & Economic Statistics, American Statistical Association, vol. 10(3), pages 321-35, July.
  18. Park, Joon Y, 1992. "Canonical Cointegrating Regressions," Econometrica, Econometric Society, vol. 60(1), pages 119-43, January.
  19. Pashardes, Panos, 1993. "Bias in Estimating the Almost Ideal Demand System with the Stone Index Approximation," Economic Journal, Royal Economic Society, vol. 103(419), pages 908-15, July.
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