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

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Title:: Dynamic structure and estimation in economy-wide econometric models / FranklinM. Fisher, Massachuetts Institute of Technology - Cambridge, Mass. - U.S.A.

Collection:: Economics Books

102 PONTIFICIAE ACADEMIAE SCIENTIARVM SCRIPTA VARIA - 28 Further, it is evident that all full-information methods are rather sensitive to specification errors of the types that are unavoidable in the foreseeable state of econometric models which are only approximate. In particular, such estimators have the defects of their merits in that by using information on the entire system to estimate any single equation, they carry the effects of specification error in any part of the system to the estimate of any other part. Since it is clear that some equations may be thought to be better specified than others as the quality of economic information is by no means constant in an economy-wide model, this is a highly undesirable feature. It seems clear that specification error should be quarantined and hence that limited-information estimators which are known to accomplish this are preferable to full-information ones in large models (*). While it may be desirable to use intermediate estimators which apply full-information type methods to sectors. rather than to the system as a whole, -the theory of how this should be done remains to be worked out. 4. LIMITED-INFORMATION ESTIMATORS 4.X. Availability in Practice While a great many limited-information estimators have been suggested, in practice, none of them are available for use in their original form in estimating an economy-wide econome- tric model. This is the case because all such estimators begin in one way or another with the ordinary least squares estimates of the reduced form equations. As we have already seen, such estimates are likely to be difficult or impossible to secure in all but the most aggregate models because of the low number of (1) Fisuer [8, p. 155] 61 Fisher - pag. 18

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