What will take the con out of econometrics?

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dc.contributor.author McAleer, M
dc.contributor.author Pagan, AR
dc.contributor.author Volker, P
dc.date.accessioned 2011-02-07T06:26:13Z
dc.date.issued 1985-01
dc.identifier.citation American Economic Review, 1985, 75 (3), pp. 293 - 307
dc.identifier.issn 0002-8282
dc.identifier.other C1 en_US
dc.identifier.uri http://hdl.handle.net/10453/13944
dc.description.abstract Economists Thomas Cooley and Stephen LeRoy are concerned with money demand as an application of econometrics. That applied econometrics is not currently in the most robust of health is hard to deny, and it would be difficult to find as entertaining or as perceptive an analysis of its ills as that found in researcher Edward Learner's various articles. The prescriptions made in those articles are inappropriate, in part because of faulty diagnosis. Extreme bounds analysis is most emphatically not the medicine to cure an ailing patient. This article argues that extreme bounds are generated by the imposition of highly arbitrary restrictions between the parameters of a model. The belief that many of the difficulties applied econometrics currently faces originate in the very poor attempts currently made to accurately describe the process whereby a model was selected, and to ascertain its adequacy. The article proposes a three-stage approach to modeling, involving the selection and subsequent simplification of a general model and a rigorous evaluation of any preferred model. In Cooley and LeRoy's specification the demand for real money is held to be a function of two interest rate variables, the savings and loan passbook rate and the ninety-day Treasury bill rate, real Gross national product, the current inflation rate, the real value of credit card transactions, and real wealth
dc.publisher American Economic Association
dc.title What will take the con out of econometrics?
dc.type Journal Article
dc.parent American Economic Review
dc.journal.volume 3
dc.journal.volume 75
dc.journal.number 3 en_US
dc.publocation Nashville, USA en_US
dc.identifier.startpage 293 en_US
dc.identifier.endpage 307 en_US
dc.cauo.name BUS.School of Finance and Economics en_US
dc.conference Verified OK en_US
dc.for 1403 Econometrics
dc.personcode 100844
dc.percentage 100 en_US
dc.classification.name Econometrics en_US
dc.classification.type FOR-08 en_US
dc.edition en_US
dc.custom en_US
dc.date.activity en_US
dc.location.activity en_US
dc.description.keywords *ECONOMETRICS *DEMAND for money *ECONOMETRIC models *GROSS national product *LIQUIDITY (Economics) *INFLATION (Finance) en_US
dc.description.keywords *ECONOMETRICS *DEMAND for money *ECONOMETRIC models *GROSS national product *LIQUIDITY (Economics) *INFLATION (Finance)
pubs.embargo.period Not known
pubs.organisational-group /University of Technology Sydney
pubs.organisational-group /University of Technology Sydney/Faculty of Business
utslib.copyright.status Closed Access
utslib.copyright.date 2015-04-15 12:17:09.805752+10
utslib.collection.history Closed (ID: 3)

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