March 17, 2018

# An Introduction to Applied Econometric Analysis by R. F. Wynn, K. Holden (auth.) PDF

By R. F. Wynn, K. Holden (auth.)

ISBN-10: 0333167120

ISBN-13: 9780333167120

ISBN-10: 1349155489

ISBN-13: 9781349155484

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Extra resources for An Introduction to Applied Econometric Analysis

Example text

1 Additional constraints on the weights w, are w, ~ 0 and ~w, = 1. 19) the first of these conditions can be used to obtain constraints on the values of the u, and v, (again it is assumed v, = 0 and Uj = 0 for i > 2) 1 To avoid confusion a slight change is made in the notation used in Chapter 1. Here K' is the number of parameters in the linear regression model and e, is an observed residual. An Introduction to Applied Econometric Analysis 32 Multiplying out gives Wo + (WI + wovl)L + (W2 + WIVI + wov2)L2 + .

It is unlikely that a 10 per cent increase in output and a 10 per cent decrease in output will lead to exactly the same amount of capital stock being bought and scrapped. (c) Transitory changes in output. Some fluctuations in output will be regarded as temporary and investment plans will depend on expected future output rather than actual past output. In an otherwise expanding market a decrease in output could be regarded as a temporary setback caused by special factors so that the predicted reduction in investment may not occur.

The rate of interest is measured by the return on 21 per cent Consols since this is more sensitive to market pressures, and hence should 34 An Introduction to Applied Econometric Analysis reflect the market rate of discounting more adequately, than the bank rate. The index of share prices used has 30 constituent shares which are leading industrial and commercial companies. It is selected because of its easy availability and the long run of annual figures without a break. More representative indices, in the sense of including a larger number of shares, are only available from the early sixties.