Alternative panel estimates of alcohol demand, taxation, and the business cycle
Alternative panel estimates of alcohol demand, taxation, and the business cycle
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DOI：
10.2307/1061473
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发表时间：
2000-10-01
影响因子：
1.9
通讯作者：
Freeman, DG
中科院分区：
文献类型：
--
作者：
Freeman, DG
本文使用 Pesaran、Shin 和 Smith（1999）开发的一种新技术来估计动态异质面板，将州级酒精消费量作为收入、税收和周期性变量的函数。合并均值组 (PMG) 估计器提供了一种替代极端的方法，即假设斜率同质性的情况下汇总数据，并假设完全异质性的情况下估计各个状态。样本后检验表明，尽管样本存在异质性，但传统的固定效应模型优于 PMG 估计器和个体状态估计器。目前的税收水平似乎对酒精消费影响不大，而且酒精被认为是一种顺周期商品。
This paper uses a new technique of estimating dynamic heterogeneous panels developed by Pesaran, Shin, and Smith (1999) on state-level alcohol consumption as a function of income, taxes, and cyclical variables. Pooled mean group (PMG) estimators provide an alternative to extremes of pooling the data assuming slope homogeneity and estimating individual states assuming complete heterogeneity. Postsample tests indicate that a conventional fixed-effects model outperforms both the PMG estimator and individual state estimators, despite the heterogeneity of the sample. Current levels of taxation appear to have little effect on alcohol consumption, and alcohol is found to be a procyclical good.