Study week on the econometric approach to development planning

Bibliographic data

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

Usage license:: Get license information via the feedback formular.

Chapter

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

SEMAINE D'ÉTUDE SUR LE ROLE DE L ANALYSE ECONOMETRIQUE ETC. 455 fact been adopted in economy-wide models in the past. My proposa. is to take each equation (and indeed each endogenous variable within each equation) and to get a group of instrumental variables which are particularly appropriate for it. One does this by consid ering the causal structure of the system. The block-recursive system — in which the full system is divided into sectors and subsystems — is used in my paper to point out that it is safer to use some endogenous variables in some places than in others so that the eligible list of instruments is different for different equations. HAAVELMO I wonder whether FISHER would agree to a rough summing u of the situation that might help people who are not so much inte- rested in technical details and who wonder what we get out of all this. The summing up could be something like this: We have small samples in practice, so that large sample properties of esti: mates are probably not too interesting. Then, if we had a clear situation as far as identification is concerned, that is to say, if we need no subtle tricks in order to ensure identification; and secondly, if by means of mere inspection we can find that there are exogenous variables which vary a great deal as compared with the disturbances u, and the exogenous variables are really uncorrelated with the u’s in various directions, both simultaneously and recurrently; then we get reasonably good estimates even without refined methods. Now it is in the in-between cases that we may perhaps gain the most by being very particular about the estimation methods chosen. This would intuitively be the conclusion that one who works in practice with these things would draw. This does not of course in any way reduce the importance of stringent work on estimation methods, but I think it might — if it is reasonably correct interest those who want to know what the practical conclusion .- 69 ag. isher - p vo] F

Access restriction

Copyright

fullscreen: Study week on the econometric approach to development planning

Monograph

Chapter

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation