Sarantis, Nick and Stewart, Chris (1999) Is the consumption-income ratio stationary? Evidence from panel unit root tests. Economics Letters, 64(3), pp. 309-314. ISSN (print) 0165-1765

Abstract

This paper provides evidence on the stationarity of the consumption–income ratio from a panel of 20 OECD countries, using recently developed panel unit root tests which avoid the problem of low power associated with conventional unit root tests. Our findings suggest that the consumption–income ratios in the OECD countries are generated by a nonstationary stochastic process.

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