UK Consumption in the long run: the determinants of consumer spending 19251995
Study of long runs of economic data makes it possible to distinguish between unit root processes and deterministic, but broken trends. We find that most of the variables to be used in a consumption function have deterministic trends. We estimate a modified life-cycle model over the period 19251995, finding satisfactory and stable model parameters together with long-run residuals from which we can exclude broken trends, indicating that we have found a co-trending and co-breaking relationship. By contrast, the long-run residuals from a model which explains consumption in terms of income and inflation exhibit a broken trend.
To our knowledge, this item is not available for
download. To find whether it is available, there are three
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
|Date of creation:||Feb 1998|
|Date of revision:|
|Contact details of provider:|| Postal: |
Web page: http://niesr.ac.uk
When requesting a correction, please mention this item's handle: RePEc:nsr:niesrd:204. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Communications Manager)
If references are entirely missing, you can add them using this form.