The analysis of consumer demand in Greece. Model selection and dynamic specification |
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Authors: | George Tridimas |
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Institution: | a Department of Economics, The University of Reading, Whiteknights P.O. Box 218, Reading RG6 6AA, UK |
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Abstract: | The paper analyses the pattern of consumer demand in Greece exploring systematically the questions of the functional form of demand that best fits the data, the appropriate dynamic structure and the empirical validity of the constraints of demand theory. A general dynamic Almost Ideal demand model for four categories of consumer non-durables for the period 1958–1994 is estimated. The maintained specification rejects the static AI, its counterparts implied by the partial adjustment and autoregressive disturbances models and, upon applying a non-nested test, the Rotterdam specification. However, it cannot reject homogeneity and symmetry nor the hypothesis of structural stability. |
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Keywords: | Rotterdam model Almost ideal demand model Dynamic structure of demand systems Non-nested hypotheses Structural stability Consumer demand in Greece |
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