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

44 PONTIFICIAE ACADEMIAE SCIENTIARVM SCRIPTA VARIA - 2. in which model we further note the ensuing relation for cur- rent price, (56) p, = D-'(q,)=D-'(S(p,_,)) This famous model that has entered a great many textbooks is perhaps the single feature that has contributed most to the obscurity in the debate on « simultaneous equation systems. » We see that the model paves the way into two main pitfalls that hamper the stochastization of multipurpose deterministic models, one being the inversion of single relationships, the other being the explicit solving for the current endogenous variables in nonrecursive multirelation models. It should be clear from the above that this comment is not written in a critical vein, but rather to emphasize the innovating features of CC- and ID-systems. If an appraisal is in place, it is to pay homage to JAN TINBERGEN, one of the three initiators of the cobweb approach, whose superb intuition led him around these pitfalls later on when he constructed the first CC-systems. A way out of the dilemma referred to is provided by a recent theorem that makes ID-systems bi-expectational by means of a respecification of the primary form. We proceed to a brief presentation of this new twist of the ID-approach. 2.3. On bi-expectational interdependent (BEID-) systems (1). Given an ID-system (18)-(23), the corresponding BEID- system is obtained as follows: The primary form (18) is respe- cified by the definition y,=A v'+B z, (°) For equivalent results in less elaborate form see Ref. 13, Theorem 10 and Ref. 12, Remark 3.2.2b 2] Wold - pag. 30

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