AN ANALYSIS OF INTERNATIONAL CONSUMPTION FUNCTIONS.
Abstract
Consumption functions form a major component of modern macroeconomic theory. The considerable amount of econometric evidence that has been accumulated since the 1930's has generally been interpreted as showing a significant relationship between national income and aggregate consumption. Frequently, classical tests of significance have been applied to the results obtained from the estimation of aggregate consumption functions. However, it seems unlikely that the assumptions underlying these classical tests are satisfied by the economic time series which have been used in these studies. This paper is concerned with more robust ways of examining the significance of such correlation and regression studies.
Document Details
- Document Type
- Technical Report
- Publication Date
- Sep 01, 1967
- Accession Number
- AD0661826
Entities
People
- E. Philip Howrey
- Michael D. Godfrey
Organizations
- Princeton University