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Error Correction and Forward-looking Models for the U.K. Consumers' Expenditure

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  • C. Favero

Abstract

The objective of this paper is to investigate the relation between error correction and forward looking models for the U.K. consumers' expenditure on nondurable goods and services. The author establishes conditions under which the error correction model cannot be considered a reduced form of a forward-looking model and he performs a statistical test. The author's investigation suggests that an error correction model for consumption is statistically distinguished from a reduced form of a forward-looking rational expectations model. Copyright 1993 by Blackwell Publishing Ltd
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Suggested Citation

  • C. Favero, 1992. "Error Correction and Forward-looking Models for the U.K. Consumers' Expenditure," Working Papers 270, Queen Mary University of London, School of Economics and Finance.
    • Handle: RePEc:qmw:qmwecw:270
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    Cited by:

    1. 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.
    2. Amit Kara & Edward Nelson, 2004. "International Evidence on the Stability of the Optimizing IS Equation," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 66(s1), pages 687-712, September.
    3. Parise, Gerald F., 1994. "Permanent income hypothesis and the cost of adjustment," ISU General Staff Papers 1994010108000012303, Iowa State University, Department of Economics.
    4. Hansen, Hermann-Josef, 1996. "Der Einfluß der Zinsen auf den privaten Verbrauch in Deutschland," Discussion Paper Series 1: Economic Studies 1996,03, Deutsche Bundesbank.
    5. Hansen, Hermann-Josef, 1996. "The impact of interest rates on private consumption in Germany," Discussion Paper Series 1: Economic Studies 1996,03e, Deutsche Bundesbank.

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