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

SEMAINE D’ETUDE SUR LE ROLE DE 1. ANALYSE ECONOMETRIOUE ETC. 147 parameters so that all relations in the primary form make eo 1pso predictors. The notation RFUE-system serves to emphasize that the reduced form but in general not the primary form makes a set of eo ipso predictors. In PFUE-svstems it is the other way around (19). (3) BEID- (bi-expectational interdependent) systems. Here, to repeat, both the primary and the reduced form are specified in terms of eo ipso predictors. Illustrations ('7). Whereas an ID-system and the cor- responding PFUE- and BEID-systems in general generate three different stochastic processes, the following three models have been designed so as to generate one and the same stoch- astic process. Hence if a realization has been generated from one of the models, the realization by itself cannot indicate from which one of the three models it has been generated. The process involves two endogenous variables p,, g, and no exogen- ous variable, and it is stationary and Gauss-MARKOVIAN with the following nine parameters, ‘61) E, (62) - x 4 1° A (16) PFUE-systems are what I have earlier, Refs. 12, 28 and 30, called implicit or conditional causal chain (CCC-) svstems. covering as special cases circular and bicausal chain systems. (7) Models (65)-(67) and (68)-(70) are quoted from Ref. 30. I am indebted to Dr. LYTTKENS for pointing out an erratum in Ref. 30, p. 394, where the relation that corresponds to (69 ¢) is wrongly stated as E(v;, vi. =) =O. The erratum does not affect the statement that the three models there considered define one and the same stochastic process, but it does destroy the Markov character of model (68)-(70). For example in (66b) we have E(qlp.1) = Elg.lPr-1, Pi2G. 2 Dr as but in general not so in (7ob) Wold - pag. 33

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