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

124 PONTIFICIAE ACADEMIAE SCIENTIARVM SCRIPTA VARIA - 28 to CC-systems (10) is that in CC-systems the reduced form (15) differs from the primary form (10), whereas in VR-systems the primary form and the reduced form are one and the same system (6). The following general features of CC-systems will be noted: 1) The primary form (10) contains one (and only one) explanatory relation for each of the current endogenous va- ~iables: 2) In the transformation that leads from the primary form (10) to the reduced form (15) the current endogenous variables can be eliminated from the right-hand members by a sequence of iterated substitutions. The causal aspect of the substitutional design has given the model its name « causal chain system ». To paraphraze, the current endogenous variables form a causal chain of the same type as in the nursery fad: « The cat on the mouse, the mouse on the rope, the rope on the hanged man’s neck. » 3) Each relation in the primary form and the reduced form is an eo ipso predictor subject to raridom disturbance. In view of the potential use of the primary form and the reduced form for predictive and other inferential purposes, 3° is a key feature of CC-systems. A model which has pro- perty 3° will be called bi-expectational. The bi-expectational property of CC-systems is closely tied up with the substitutional design 2°, inasmuch as the substitutions at issue are an oper- ative procedure that carries eo ipso predictors into eo ipso predictors. [.3. Interdependent (ID-) svstems. A broad class of interdependent systems is covered by the following model: (18) v,= À y,+B z,+v, 2] Wold - pag. 10

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