Abstract
Thus far in the present study, the factors affecting consumption have been identified and quantified. In this chapter, our earlier results are employed to predict future consumption in Finland. Using predictions for future values of the exogenous variables, predictions are made for future values of endogenous variables. In the literature these out-of-sample predictions are called either projections (Deaton (1975)) or forecasts (Harvey (1990)). In the present chapter the terms projection and forecast are used interchangeably.
Special thanks are due to Anders Hummelmose for collecting the data concerning retail prices in Denmark.
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© 1996 Kluwer Academic Publishers
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Laurila, I. (1996). Projections of Future Consumption in Finland. In: The Econometrics of Demand Systems. Advanced Studies in Theoretical and Applied Econometrics, vol 34. Springer, Boston, MA. https://doi.org/10.1007/978-1-4613-1277-2_8
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DOI: https://doi.org/10.1007/978-1-4613-1277-2_8
Publisher Name: Springer, Boston, MA
Print ISBN: 978-1-4612-8545-8
Online ISBN: 978-1-4613-1277-2
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