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Algunos desarrollos recientes en la metodología de la econometría aplicada

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  • John James Thomas

Abstract

For a variety of reasons economists tend to construct their econometric models in ad-hoc ways. They start with a simple specification of a series of equations and add or subtract variables on the basis of exclusively statistical criteria. In recent years it has been realized that such an approach can easily produce spurious results. It is now preferred to commence one's analysis with as general a specification of the model as possible which nests possible alternatives. One then can legitimately compare the original specification with the various nested forms. This paper uses the case of the demand for money in the United Kingdom as an example of the method.

Suggested Citation

  • John James Thomas, 1986. "Algunos desarrollos recientes en la metodología de la econometría aplicada," Lecturas de Economía, Universidad de Antioquia, Departamento de Economía, issue 19, pages 209-240.
    • Handle: RePEc:lde:journl:y:1986:i:19:p:209-240
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    References listed on IDEAS

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    1. Davidson, James E. H. & Hendry, David F., 1981. "Interpreting econometric evidence : The behaviour of consumers' expenditure in the UK," European Economic Review, Elsevier, vol. 16(1), pages 177-192.
    2. Durbin, J, 1970. "Testing for Serial Correlation in Least-Squares Regression When Some of the Regressors are Lagged Dependent Variables," Econometrica, Econometric Society, vol. 38(3), pages 410-421, May.
    3. Hendry, David F & Mizon, Grayham E, 1978. "Serial Correlation as a Convenient Simplification, not a Nuisance: A Comment on a Study of the Demand for Money by the Bank of England," Economic Journal, Royal Economic Society, vol. 88(351), pages 549-563, September.
    4. Edgar L. Feige, 2005. "Expectations And Adjustments In The Monetary Sector," Macroeconomics 0502005, University Library of Munich, Germany.
    5. Davidson, James E H, et al, 1978. "Econometric Modelling of the Aggregate Time-Series Relationship between Consumers' Expenditure and Income in the United Kingdom," Economic Journal, Royal Economic Society, vol. 88(352), pages 661-692, December.
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