Analysing the Structure of Econometric Models

✍ Scribed by D. Royer, G. Ritschard (auth.), J. P. Ancot (eds.)

• Publisher: Springer Netherlands
• Year: 1984
• Tongue: English
• Leaves: 258
• Series: Advanced Studies in Theoretical and Applied Econometrics 2
• Edition: 1
• Category: Library

✦ Synopsis

Understanding the structure of a large econometric model is rather like the art of winetasting or like the art of playing a musical instrument. The quality of a wine results from a complex combination of various elements such as its colour which should be clear and crystalline, its smell which can be decomposed into a general aroma and a variety of particular characteristics, more or less persistent depending on the type and the age of the wine, its taste, of course, which again is a complex system whose equilibrium and charm depend on the whole set of ingredients: alcohol, tannin, glycerine, sugar, acidity . . . Similarly, a clarinetist's musicianship depends on the quality of his instrument, on his embouchure, fingering, tonguing and articu­ lation techniques, on his sense for rhythm, phasing and tone colour. However, the enchantment produced by a Romanee-Conti or by a brilliant performance of Brahm's F minor sonata for clarinet and piano arises from a process which is at the same time time much simpler and much more complex than the straightforward juxtaposition of individual causal relations. In recent years econometricians and macro-economists have been challenged by the problem of keeping abreast with an ever increasing number of increasingly more complex large econometric models. The necessity of developing systematic analytical tools to study the often implicit and hidden structure of these models has become more evident.

✦ Table of Contents

Front Matter....Pages i-viii
Front Matter....Pages 1-1
Qualitative Structural Analysis: Game or Science?....Pages 3-13
Two Approaches in Reading Model Interdependencies....Pages 15-33
Reading Macroeconomic Models and Building Causal Structures....Pages 35-48
Structural Analysis, Hierarchical Functions and Weak Structures....Pages 49-62
Rationing and Aggregation in a Multi-Level Model of Household Behaviour: The S.A.B.I.N.E. Model....Pages 63-86
Front Matter....Pages 87-87
Semi-Reduced Forms of Econometric Models....Pages 89-113
The Dynamics of a Discrete Version of a Growth Cycle Model....Pages 115-142
The Structure of Rational Expectations Behaviour in Economics: An Empirical View....Pages 143-172
The Disequilibrium Theory in Macroeconomic Models: A Small-Scale Model....Pages 173-194
The Monetary Sector of the Netherlands in 50 Equations. A quarterly model for the Netherlands (1970–1979)....Pages 195-228
Specification of the Import Function and the Determination of Short and Long Term Equilibria in a Macroeconometric Model....Pages 229-245
An Alternative to Debreu’s Dated and Located Commodities (Or the Economy as an Onion)....Pages 247-255

✦ Subjects

Econometrics