Munich Personal RePEc Archive

Das Problem der Spezifikation einer Konsumfunktion im Rahmen der VGR 2005

Quaas, Georg (2008): Das Problem der Spezifikation einer Konsumfunktion im Rahmen der VGR 2005.

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In 2005, Germany’s national income accounting system was altered from fixed prices to previous year’s prices as basis for macroeconomic time series measured in real terms. Among other consequences, the new system offers a wider range of possibilities to interpret theoretically relevant variables empirically. Some of these different interpretations and specifications of both, the habit persistence hypothesis and an corresponding error correction model, are applied to the relationship between private consumption and income and estimated empirically. Compared to the estimators yielded in the framework of the former national account system with constant prices, the values of the marginal propensity to consume differ, but fall in the theoretically expected and by now empirically observed boundaries. Applying the theory of co-integration and a non-reduced error correction model lead to a slightly better explanation of the private consumption.

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