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The use of dummy variables in consumption models |
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| Authors: | Lourens Broersma Philip Hans Franses |
| Institution: | a Department of Econometrics, Free University Amsterdam, b Econometric Institute Erasmus University Rotterdam, |
| Abstract: | In this paper the consumption model in Winder and Palm 1989] is subjected to a sensitivity analysis. Small and reasonable change in several dummy variables provide that the original model with a moving planning horizon becomes observationally equivalent with a random walk specification. |
| Keywords: | consumption model with moving planning horizon dummy variables sensitivity analysis random walk |
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