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

Collection:: Economics Books

136 PONTIFICIAE ACADEMIAE SCIENTIARVM SCRIPTA VARIA - = longing to less than p different causal orders have infinity in the unused places. Thus, for example, if p=35, a predetermined variable of first, second and eighth causal order will be assigned the vector: (1, 2, 8, 00, 00). The vectors are now ordered lexico- graphically. That is, any vector, say f, is assigned a number, 3(f), such that, for any two vectors, say f and kh: (6.1) B(f)>B(k) if and only if either f,>h, or for some j(I<7<P) fi=h; G=1, …, j-I) and f.>h,. The predetermined variables are then ordered in ascending order of their corresponding B-numbers. This will be called the 3-ordering. Thus predetermined variables of first causal order are assig- ned lower numbers than predetermined variables of only higher causal orders; predetermined variables of first and second causal order are assigned lower numbers than predetermined variables of first and only causal orders higher than second (or of no higher causal order), and so forth (2). The procedure just described gives an a priori preference ordering on the set of instrumental variables relative to a given zero causal order endogenous variable. This ordering ts in terms of closeness of causal relation. Alternatively, one may wish to modify that ordering to take further account of the danger of inconsistency. This may be done by deciding that current and lagged exogenous variables of a given causal order are always to be preferred to lagged endogenous variables of no lower causal order and that lagged endogenous variables from sectors with lower numbers than that of the equation to (#2) This is only one way of constructing such an ordering. If there is specific a priori reason to believe that a given instrument is important in influencing the variable to be replaced (for example, if it is known to enter in several different ways with big coefficients) then it should be given a low number. In the absence of such specific information, the ordering given in the text seems a natural wav of organizing the structural in- formation. 6] Fisher - pag. 52

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