Beer and the business cycle

Donald Freeman ()

Applied Economics Letters, 2001, vol. 8, issue 1, 51-54

Abstract: The beer industry has traditionally been viewed as 'recession-proof': drinkers will have their beer notwithstanding the ecomomy's ups and downs. Few empirical studies have examined the veracity of the claim of beer's non-cyclicality and none have used monthly data. This paper uses an error-correction specification to test the sensitivity o mfonthly beer consumption to cyclical macro-economic variables over the period January 1955-December 1994. Strong support was found for the traditional view: beer is mostly immune to economic cycles.

Date: 2001
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DOI: 10.1080/135048501750041295

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