A panel cointegration approach to estimating substitution elasticities in consumption |
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Authors: | Monica Auteri Mauro Costantini |
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Institution: | 1. Dipartimento di Istituzioni Pubbliche, Economia e Società - Università Roma Tre, Italy;2. Department of Economics, University of Vienna, Austria |
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Abstract: | This paper investigates the relationship between government spending and private consumption. The general framework is a cointegration approach of Ogaki (1992) used to estimate the intratemporal elasticity of substitution between government and private consumption in a panel of 15 European countries. Recently developed non-stationary panel methodologies that assume cross-section dependence are applied. Results indicate an Edgeworth substitutability between private and public spending. |
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Keywords: | C22 C23 E21 E62 H5 |
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