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Testing restrictions in a flexible dynamic demand system: an application to consumers’ expenditure in Canada

Anderson, G.J.; Blundell, R.; (1983) Testing restrictions in a flexible dynamic demand system: an application to consumers’ expenditure in Canada. Review of Economic Studies , 50 (3) pp. 397-410.

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Abstract

Traditionally, restrictions on systems of demand equations have been tested using static models, whilst being estimated with time series data. This paper develops a vector time series model of expenditure shares in the context of a singular dynamic demand system. The model allows for non-symmetric and non-homogeneous short run behaviour. The homogeneity and symmetry restrictions are only examined in the long run structure. Results based on Canadian time series data are presented and reject the current practise of static modelling while restrictions suggested by economic theory are not rejected when imposed on the long run structure.

Type:Article
Title:Testing restrictions in a flexible dynamic demand system: an application to consumers’ expenditure in Canada
Publisher version:http://www3.interscience.wiley.com/journal/118510645/home
Language:English
Additional information:This issue is currently available via JSTOR subscription at http://www.jstor.org/stable/2297672
UCL classification:UCL > School of Arts and Social Sciences > Faculty of Social and Historical Sciences > Economics

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