Causality between advertising and sales: new evidence from cointegration

Junsoo Lee

27 citations0/0 files storedApplied Economics Letters

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Marketing and Advertising Strategies Monetary Policy and Economic Impact Forecasting Techniques and Applications

Abstract

It is puzzling that previous studies have found causality only in one direction from sales to advertising, but not the reverse. Employing the sequential causality tests of Toda Phillips (1993), the casual relationship between advertising and sales appears to run in both directions. This finding provides evidence that conventional causality tests can be misleading.

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References

1987Co-Integration and Error Correction: Representation, Estimation, and Testing 1988Testing for a Unit Root in Time Series Regression 1990MAXIMUM LIKELIHOOD ESTIMATION AND INFERENCE ON COINTEGRATION — WITH APPLICATIONS TO THE DEMAND FOR MONEY 1993Vector Autoregressions and Causality 1980Advertising and Aggregate Consumption: An Analysis of Causality 1982Non-causality due to omitted variables 1988Money does Granger-cause output in the bivariate money-output relation 1977An Exposition of the Box-Jenkins Transfer Function Analysis with an Application to the Advertising-Sales Relationship

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