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Erscheinungsjahr: 
2007
Schriftenreihe/Nr.: 
Darmstadt Discussion Papers in Economics No. 178
Verlag: 
Technische Universität Darmstadt, Department of Law and Economics, Darmstadt
Zusammenfassung: 
It is sometimes argued that more advertising raises consumption which in turn stimulates output and so economic growth. We test this hypothe- sis using annual German data expressed in terms of GDP for the period 1950-2000. We find that advertising does not Granger-cause growth but Granger-causes consumption. Consumption, in turn, Granger-causes GDP growth. The data imply that the immediate impact of more advertising on consumption is positive. However, the long-run effect is negative. Further- more, the immediate impact of higher consumption on growth is negative. But the long-run effect is positive. These results raise interesting questions for standard theory, political debates and advertising practioners.
Schlagwörter: 
Advertising
Consumption
Economic Growth
JEL: 
O4
M3
E2
Dokumentart: 
Working Paper

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