Intratemporal substitution and government spending
Article Abstract:
A study aimed at examining the concept that a general model of consumption must allow for the direct effect of government purchases of goods and services on a consumer's utility was conducted. The model estimates a employed considerable degree of substitutability between private and public consumption for the US and the United Kingdom. Results obtained have shown that there is an intratemporal cointegration restriction set by the first-order conditions of the model.
Publication Name: Review of Economics and Statistics
Subject: Mathematics
ISSN: 0034-6535
Year: 1997
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What is fractional integration?
Article Abstract:
Evidence indicates that important aggregate economic data may be fractionally integrated and, therefore, not stationary. In this paper, error-duration representation is introduced into the process to integrate fractional data and to gain insight as to what happens at stationary-nonstationary boundary.
Publication Name: Review of Economics and Statistics
Subject: Mathematics
ISSN: 0034-6535
Year: 1999
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