 Das Problem der Spezifikation einer Konsumfunktion im Rahmen der VGR 2005The specification problem of the consumption function in the framework of the NIA-system 2005MPRA Paper from University Library of Munich, Germany Abstract: In 2005, Germany’s national income accounting system was altered from fixed prices to previous year’s prices as basis for macroeconomic time series measured in real terms. Among other consequences, the new system offers a wider range of possibilities to interpret theoretically relevant variables empirically. Some of these different interpretations and specifications of both, the habit persistence hypothesis and an corresponding error correction model, are applied to the relationship between private consumption and income and estimated empirically. Compared to the estimators yielded in the framework of the former national account system with constant prices, the values of the marginal propensity to consume differ, but fall in the theoretically expected and by now empirically observed boundaries. Applying the theory of co-integration and a non-reduced error correction model lead to a slightly better explanation of the private consumption. Keywords: Econometric modelling; consumption function; habit persistence approach; error correction model; national income accounting system; additivity and non-additivity of volumes (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:18497 Access Statistics for this paper More papers in MPRA Paper from University Library of Munich, Germany Ludwigstraße 33, D-80539 Munich, Germany. Contact information at EDIRC. |
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