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dc.contributor.authorArns, Jürgenen
dc.contributor.authorBhattacharya, Kaushiken
dc.date.accessioned2009-01-29T15:11:02Z-
dc.date.available2009-01-29T15:11:02Z-
dc.date.issued2005-
dc.identifier.urihttp://hdl.handle.net/10419/22921-
dc.description.abstractUsing the Family Expenditure Survey (FES) data for the United Kingdom (UK), the paper specifies and estimates a ’complete’ Hilden- brand Kneip (HK) model of consumption, extending earlier efforts that were ’partial’ in nature. As the estimated parameters in the ’partial’ HK model are time varying, the paper provides empirical evi- dence that their movements over time reflect a near unit root process. To estimate the ’complete’ HK model, the paper specifies a simple OLS model of the ’remainder term’ in the ’partial’ HK model. The remainder term in the partial HK model, which as per theory should be influenced by unobservable variables like expectation formation of households, is found to be affected by housing prices. The complete model is found to explain movements in consumption better than the partial model. Results based on bootstrap suggest that given the sampling error in the FES data, the overall fit of the model should be considered as good.en
dc.language.isoengen
dc.publisher|aUniversity of Bonn, Bonn Graduate School of Economics (BGSE) |cBonnen
dc.relation.ispartofseries|aBonn Econ Discussion Papers |x15/2005en
dc.subject.jelD1en
dc.subject.jelC4en
dc.subject.jelC5en
dc.subject.ddc330en
dc.subject.keywordAggregationen
dc.subject.keywordConsumption Functionen
dc.subject.keywordAverage Derivativeen
dc.titleModelling Aggregate Consumption Growth with Time-Varying Parameters-
dc.typeWorking Paperen
dc.identifier.ppn497372355en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:bonedp:152005-

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