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.

Public Finance Activities, Procurement Management-Natl Govt, Analysis, Economic research, Government spending policy, Consumption (Economics), Government purchasing

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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.

Science & research, Statistical Data Included, Research, Economic forecasting, Business cycles

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