Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/56178 
Erscheinungsjahr: 
2002
Schriftenreihe/Nr.: 
SSE/EFI Working Paper Series in Economics and Finance No. 517
Verlag: 
Stockholm School of Economics, The Economic Research Institute (EFI), Stockholm
Zusammenfassung: 
In this note, we consider the contradiction between the fact that the best fit for the UK consumption data in Davidson et al. (1978) is obtained using an equation with an intercept but without an error correction term, whereas the equation with error correction and without the intercept has better post-sample forecasting properties than the former equation. This contradiction is explained and the two equations reconciled in a nonlinear framework by applying a smooth transition regression model to the data.
Schlagwörter: 
consumption equation
model misspecification testing
nonlinearity
smooth transition regression
JEL: 
C22
E21
Dokumentart: 
Working Paper

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