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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Chapter

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

28 PONTIFICIAE ACADEMIAE SCIENTIARVM SCRIPTA VARIA - 2§ the reduced form (21) cannot be obtained from the primary form (18) by iterated substitutions. This last feature is closely related to the fact that ID-systems are not bi-expectational : the predictor specification (13) of the primary form (12) of CC-systems has no parallel in ID-systems (18). The lack of parallel to (13) in (18) is clearly a stochastic feature of the models, for it would not appear if the ID-systems (18) were deterministic in the sense of disturbance-free relations; in fact, the left-hand members of (23) would then be nothing else than the component variables y, and (23) would be precisely the same system of relations as (21). [n the much-discussed dualism between CC- versus ID- systems it has been a veritable stumbling block that ID-systems are not bi-expectational (%). As briefly noted above, this key feature results from the merging of two lines of generalization, namely from VR- to CC- and ID-systems on the one hand, and from deterministic to stochastic specification of the models on the other. We shall return to this matter in section 2 for a more detailed review. 3. Accounting identities vs. equilibrium relations. To sum- marize the argument, accounting identities make no incentive in the generalization from VR- or CC-systems to’ ID-systems, whereas the incorporation of equilibrium relations into the model is one of the main incentives in the generalization from CC- to ID-systems (7). The argument will be illustrated by simple cases in point. A typical accounting identity is given by a Y,=C, +8, (°) See, also for further references, Refs. 16 to 18 and Ref. 30. ; () The exposition makes systematic use of eo ipso predictors; otherwise ‘he argument of this subsection is well known. 2, Wold - pag. 14

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