Das Problem der Spezifikation einer Konsumfunktion im Rahmen der VGR 2005
[The specification problem of the consumption function in the framework of the NIA-system 2005]
In 2005, Germany’s national income accounting system was altered from fixed prices to previous year’s prices as basis for macroeconomic time series measured in real terms. Among other consequences, the new system offers a wider range of possibilities to interpret theoretically relevant variables empirically. Some of these different interpretations and specifications of both, the habit persistence hypothesis and an corresponding error correction model, are applied to the relationship between private consumption and income and estimated empirically. Compared to the estimators yielded in the framework of the former national account system with constant prices, the values of the marginal propensity to consume differ, but fall in the theoretically expected and by now empirically observed boundaries. Applying the theory of co-integration and a non-reduced error correction model lead to a slightly better explanation of the private consumption.
|Date of creation:||08 Jul 2008|
|Date of revision:||09 Nov 2009|
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- Wolfgang Nierhaus, 2004. "Wirtschaftswachstum in den VGR: Zur Einführung der Vorjahrespreisbasis in der deutschen Statistik," Ifo Schnelldienst, Ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 57(05), pages 28-34, 03.
- Muzafar Shah Habibullah & Peter Smith & W. N. W. Azman-Saini, 2006. "Testing liquidity constraints in 10 Asian developing countries: an error-correction model approach," Applied Economics, Taylor & Francis Journals, vol. 38(21), pages 2535-2543.
- Quaas, Georg, 2009.
"Realgrößen und Preisindizes im alten und im neuen VGR-System
[Macro-economic aggregates in real terms and price indices in the old and the new system of national accounts]," MPRA Paper 22316, University Library of Munich, Germany, revised 25 Apr 2010.
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