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- W2162178509 abstract "This paper examines the relationship between private and public consumption using Spanish data over the period 1960–2003, using a two-good permanent-income model. We extend previous analysis addressing the question of whether this relationship is stable over time, or exhibits a structural break allowing the instability to occur at an unknown point in time. Our empirical results indicated the existence of a long-run relationship between private and public consumption. We also detect a structural change of regime shift in the cointegration regression around the time of 1973–74. Finally, the estimated intratemporal and intertemporal elasticities of substitution between the two types of expenditure suggest that private and public consumption in Spain are Edgeworth-Pareto substitutes." @default.
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- W2162178509 date "2005-11-10" @default.
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- W2162178509 title "Estimating the substitutability between private and public consumption: the case of Spain, 1960–2003" @default.
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- W2162178509 doi "https://doi.org/10.1080/00036840500309288" @default.
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