Techniques for determining the number of stochastic trends generating a set of non-stationary panel data are applied to budget shares for a number of commodity groups from the Family Expenditure Survey (FES) for the UK for the years 1973-2001. It is argued that some stochastic trends in macro...

A version of the Translog demand system is compared with the Almost Ideal demand model within a time series setting, where variables are nonstationary, by testing both models for the theoretical demand propositions of 'homogeneity, symmetry and negativity' and by comparing out of sample...