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Time Series Analysis of Income Distribution Effect on Consumption
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논문 기본 정보

Type
Academic journal
Author
Journal
The Korean Data Analysis Society Journal of The Korean Data Analysis Society Journal of The Korean Data Analysis Society 제18권 제5호 KCI Accredited Journals
Published
2016.1
Pages
2,367 - 2,374 (8page)

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Time Series Analysis of Income Distribution Effect on Consumption
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Abstract· Keywords

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This paper studies the income distribution effect on household consumption using the time series data of Korea. Consumption model incorporating income distribution is constructed to examine the effect of income distribution on household consumption in Korea. Time series analytical methods such as unit root test and cointegration tests are applied to the variables to study the income distribution effect on household consumption. Cointegration test reveals that income distribution represented by the income inequality index is significantly correlated with the household consumption in the long run. Estimation result of the error correction model also shows that income inequality has significant and negative effect on consumption. Empirical result of this paper suggests that income inequality would have significant and negative effect on household consumption in Korea, both in the long run and the short run. This implies that the aggregate consumption will increase when income is more equally distributed among households.
#Income distribution #Income inequality #Household consumption #Time series analysis #Error correction model.

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References (14)

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Blinder, A. / 1975 / Distribution effects and the aggregate consumption function / Journal of Political Economy 83:447~476 google schola Bofinger, P. / 2012 / The impact of inequality on macroeconomic dynamics / Paper presented for Annual Plenary Conference of the Institute for New Economic Thinking (INET) Berlin google schola Brown, C. / 2004 / Does income distribution matter for effective demand? Evidence from the United States / Review of Political Economy 16:291~307 google schola 조성원 / 2011 / Does Consumer Sentiment Forecast Household Consumption? Evidence from Korean Household Data / Journal of The Korean Data Analysis Society 13(2):543~552 dbpia 조성원 / 2015 / Macroeconomic Determinants of Housing Price in Korea / Journal of The Korean Data Analysis Society 17(5):2375~2382 dbpia

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