Table 5.

Estimates for consumption according to purpose

	COICOP1 (food, beverages)	COICOP2 (alcohol, tobacco)	COICOP3 (clothing)	COICOP4 (housing)	COICOP5 (furnishings)	COICOP6 (health)
CONFIDENCE	0.67***	0.80***	2.30***	0.06	1.67***	0.78*
COMPONENT	0.01	−0.02	−0.10***	0.01	−0.01	−0.02
NEGATIVE	0.20	−0.23	−1.87**	−0.07	−0.08	−0.67
J-statistic	1.27	0.00	0.96	0.37	1.44	1.00

	COICOP7 (transport)	COICOP8 (telecommunication)	COICOP9 (recreation)	COICOP10 (education)	COICOP11 (restaurants)	COICOP12 (other)
CONFIDENCE	3.34***	0.89***	2.49***	1.52***	3.50***	1.50***
COMPONENT	−0.08**	0.01	−0.10***	−0.03*	−0.16***	−0.04
NEGATIVE	−0.52	0.27	−2.14***	−0.52	−2.37**	−0.73
J-statistic	1.07	0.07	0.98	2.54	1.02	0.99

Food and non-alcoholic beverages (COICOP1), alcoholic beverages, tobacco (COICOP2), Clothing, and footwear (COICOP3), Housing, water, energy, fuel (COICOP4), Furnishings, households equipment and maintenance (COICOP5), Health (COICOP6), Transport (COICOP7), Post and telecommunication (COICOP8), Recreation and culture (COICOP9), Education (COICOP10), Restaurants and hotels (COICOP11) and Miscellaneous goods and services (COICOP12). Instruments consist of lagged regressors and contemporary real GDP growth. J-statistic refers to the test of the validity of over-identifying restrictions with the null of the restrictions being valid. *, **, *** means rejection of the null at 10%, 5%, and 1% level of significance, respectively