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Testing for structural break in aggregated consumption function of Russian households

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  • A. V. Polbin
  • A. A. Skrobotov

Abstract

The paper considers a simple aggregated consumption function for Russian economy in which households consume a constant fraction of a permanent income. The value of this fraction is estimated by households within the framework of the adaptive expectations process based on the dynamics of GDP at constant consumption prices. Testing for a structural break at an unknown date in the parameter of the propensity to consume is performed. The results of econometric estimation, taking into account the presence of an endogeneity in the regression equation, demonstrate that after 2014 there was a structural break, as a result of which the parameter of the propensity to consume of permanent GDP decreased by 6.5—9.2%.

Suggested Citation

  • A. V. Polbin & A. A. Skrobotov, 2021. "Testing for structural break in aggregated consumption function of Russian households," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 5.
    • Handle: RePEc:nos:voprec:y:2021:id:3065
    DOI: 10.32609/0042-8736-2021-5-91-106
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    File URL: https://www.vopreco.ru/jour/article/viewFile/3065/2372
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    Cited by:

    1. Polbin, Andrey & Skrobotov, Anton, 2022. "On decrease in oil price elasticity of GDP and investment in Russia," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 66, pages 5-24.

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