Study week on the econometric approach to development planning

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Monograph

Identifikator:: 1824422792

URN:: urn:nbn:de:zbw-retromon-217476

Document type:: Monograph

Title:: Study week on the econometric approach to development planning

Place of publication:: Amsterdam [u.a.]

Publisher:: North-Holland Publ. Co. [u.a.]

Year of publication:: 1965

Scope:: XLVII, 1259 S.; graph. Darst.

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Toward a verdict on macroeconomic simultaneous equations / Herman O.A. Wold, Universitets Statistika Institution - Uppsala - Sverige

Collection:: Economics Books

32 PONTIFICIAE ACADEMIAE SCIENTIARVM SCRIPTA VARIA - -~ 2) Parameter 3 is a demand elasticity, an interest rate, or some other parameter that typically enters as a coefficient for one of the explanatory variables in an economic relationship. In the sim- plest case we have ‘E) y =x. It is unclear to me what Professor HAAVELMO means when he says that B can be an essential element of invariance rather than the ex- pected value of y for given x, for what could the right hand member of (FE) be assumed to give if not just the expected value of y for given x? And in the last two lines of his comment I am afraid Professor HAAVELMO is not only unclear, but actually mistaken. It is easy to give examples where (E) gives the expected value of y for given x, and the relation is an invariant that does,not depend on the form of the probability laws P and P*. It is even so that this kind of invariance has been exploited for assessing the direction of a causal relationship (a first approach of this type was initiated by-H. Work- ING In 1034; see Ref. 12, section 6). 3) In the theory of interdependent systems (A) it is a charac- teristic feature that the behavioural relations are dealt with as being reversible with regard to the current endogenous variables y. This feature being in sharp contrast to the irreversibility of ordinary re- gression relations, I have many times voiced scepticism about inter- dependent systems on this basis (see e.g. Refs. 23, 34). Now the respecification (B,) goes some way to clarify the situation. The reversibility at issue requires that if we rearrange the current endo- genous variables by shifting two or more of them from the one side of the relations to the other, then the rearranged system should satisfy the corresponding relations of type (B,). On the classic as- F217 Wold - pag. 68

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