"Life Cycle" Hypothesis of Saving: Aggregate ... - Arabictrader.com

Table 4.3
Period & estimation Surplus Tax Dep. Inflation Adj.
technique Constant g g 1 (GS/Y) effect LFWORK ratio correction R 2 & S.E.
1 1960–1987 0.08 1.20 0.12
OLS (4.1) (3.1) 0.053
2 1960–1987 0.06 1.81 0.37
OLS (4.2) (6.1) 0.041
national savings
3 1960–1987 0.08 1.76 -0.53 -0.68 0.33
OLS (5.1) (4.9) (4.5) (5.8) 0.046
4 1960–1987 0.29 1.41 -0.40 -0.55 -0.19 -0.26 -0.56 0.49
OLS (5.4) (4.3) (3.7) (5.1) (3.6) (3.1) (3.4) 0.040
5 1960–1987 0.27 1.73 -0.27 -0.42 -0.23 -0.22 -0.72 0.67
WLS (pop.) (5.3) (6.5) (2.4) (3.7) (4.5) (2.7) (4.4) 0.035
6 1960–1987 0.27 1.08 0.77 -0.46 -0.10 -0.19 -0.38 0.67
OLS (6.7) (4.6) (6.0) (3.4) (2.2) (3.1) (2.2) 0.029
national savings
7 1960–1970 0.22 2.24 -0.77 -0.92 -0.08 -0.20 -0.55 0.75
WLS (pop.) (3.3) (5.0) (2.3) (2.7) (0.9) (1.7) (0.9) 0.027
8 1971–1980 0.33 1.81 -0.41 -0.56 -0.22 -0.43 -0.54 0.87
WLS (pop.) (3.2) (5.9) (1.9) (2.6) (2.7) (2.1) (2.4) 0.026
9 1981–1987 0.20 3.9 -0.04 -0.19 -0.10 -0.47 -0.35 0.55
WLS (pop.) (2.3) (4.0) (0.2) (1.0) (1.0) (2.2) (1.4) 0.031
10 1st diff no 0.72 0.52 0.03 0.05 0.08 -0.43 0.83
national savings constant (2.1) (2.5) (0.7) (0.62) (0.64) (1.2) 0.029
OLS
1980s–1960s
11 1st diff no 0.78 0.60 0.18 -0.48 0.85
national savings constant (2.6) (3.8) (0.65) (1.6) 0.028
1980s–1960s
OLS
Recent Declines in the Savings Rate 123