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Macroeconomic time series and the monetary aggregates approach to estimating the underground economy

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  • Frank Atkins

Abstract

This paper examines the monetary aggregates approach to estimating the size of the underground economy. It is shown that estimates of the size of the underground economy using Canadian data may not be robust, as the time series properties of these aggregates are often inconsistent with simple ordinary least squares regression. Correcting for the problem, usually by first differencing the data, may yield overstated or inappropriate estimates of the size of the underground economy.

Suggested Citation

  • Frank Atkins, 1999. "Macroeconomic time series and the monetary aggregates approach to estimating the underground economy," Applied Economics Letters, Taylor & Francis Journals, vol. 6(9), pages 609-611.
  • Handle: RePEc:taf:apeclt:v:6:y:1999:i:9:p:609-611
    DOI: 10.1080/135048599352718
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    Cited by:

    1. Patrick Harvey & W. David Walls, 2003. "Laboratory markets in counterfeit goods: Hong Kong versus Las Vegas," Applied Economics Letters, Taylor & Francis Journals, vol. 10(14), pages 883-887.
    2. Jose Maria Serrano & Maria Dolores Gadea, 2005. "What causes the hidden economy in Spain?," Applied Financial Economics Letters, Taylor and Francis Journals, vol. 1(3), pages 143-150, May.
    3. Angel Alanon & M. Gomez-Antonio, 2005. "Estimating the size of the shadow economy in Spain: a structural model with latent variables," Applied Economics, Taylor & Francis Journals, vol. 37(9), pages 1011-1025.
    4. M. Ali Kemal, 2003. "Underground Economy and Tax Evasion in Pakistan A Critical Evaluation," PIDE-Working Papers 2003:184, Pakistan Institute of Development Economics.
    5. Cebula, Richard & McGrath, Richard, 2000. "An Empirical Note on Determinants of Income Tax Evasion, 1973-1997," MPRA Paper 58549, University Library of Munich, Germany.

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