Returns, Lags, and Complementarities in Brand and Generic Advertising: The Demand for Peanut Butter
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This paper estimates the impact of generic and brand advertising on the demand for peanut butter in the U.S. An error correction model is estimated with quarterly data from 1985 to 2004 to study both the short- and long-run adjustments. The results indicate that brand advertising has a significant but short-lived effect on aggregate consumption while generic advertising has little short-run but significant long-run effects.