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'ÉTUDE SUR LE ROLE DE L’ANALYSE ECONOMETRIQUE ETC. 181 parameter. Let P*(x, y, GB) be the corresponding probability law for the future, under a new economic regime, B being the same pa- rameter in both cases. Then the link, the essential element of in- variance, as between the past and the future may be the value of 3 rather than e.g. the expected value of y for given x, the latter relation depending on the form of the probability laws P and P* KOOPMANS In the discussions comparing inter-dependent systems and other systems, one element has been important which I have not heard Professor WoLD mention in this summary. This is the idea of the autonomy of individual equations of the interdependent systems. My question is whether the concern with autonomy can be conserved when we go from the ID to the BEID and alternatively when we go from the ID to the CC svstem. WoLDp Since Professor KooPMAN’s question is closely related to Profes. sor HAAVELMO’s comment, I shall reply to them jointly. Professor HAAVELMO’s clarifying example has the advantage that it is so simple that there could not possibly arise any misunderstand- ing about the mathematical aspects. Yet there are at least three pos- sible interpretations of the example to consider. I) Parameter §3 is symmetric with respect to the variables x, y; for example, B is the correlation coefficient of x and y. This is the case I thought of in the first place when finishing my previous reply to Professor HAAVELMO by a critical remark. Parameters that are symmetric in this sense make a conceptual category that is far too narrow to represent all meaningful parameters. For example, a demand elasticity with respect to price, or an interest rate, do not possess this kind of symmetry < Wold - pag. 67

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