Naslov
Personal Consumption in the Republic of Croatia: History and Modelling

Autori
Lovrinčević, Željko ; Mikulić, Davor

Izvornik
Transition Studies Review (1614-4007) 35 (2003), 3; 91-106

Vrsta, podvrsta i kategorija rada
Radovi u časopisima, članak, znanstveni

Ključne riječi
personal consumption; error-correction model; cointegration

Sažetak
In this paper the authors presented a personal consumption modelling for Croatia using Error Correction Model. Time period considered stretches from 1970-2002, providing workable time series data and therefore derivation of reliable conclusions on household sector behavior. The EC model has a standard set of independent variables: constant, i.e. short-term component (current income), i.e. lagged long-term component (cointegration of income and consumption). Besides these standard components for modelling personal consumption dynamic, existence of credit constraints also appeared to be significant. Estimated parameters have expected sign and are significant, with satisfying statistical properties (significant t and F statistics, absence of personal consumption misspecification, absence of autocorrelation and heteroscedasticity, and stability of estimated parameters).

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija

POVEZANOST RADA