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About this product
- DescriptionEcometrics: Alchemy or Science? analyses the effectiveness and validity of applying ecometric methods to ecomic time series. The methodological dispute is long-standing, and claim can be made for a single valid method, but recent results on the theory and practice of model selection bid fair to resolve many of the contentious issues. The book presents criticisms and evaluations of competing approaches, based on theoretical ecomic and ecometric analyses, empirical applications, and Monte Carlo simulations, which interact to determine best practice. It explains the evolution of an approach to ecometric modelling founded in careful statistical analyses of the available data, using ecomic theory to guide the general model specification. From a strong foundation in the theory of reduction, via a range of applied and simulation studies, it demonstrates that general-to-specific procedures have excellent properties. The book is divided into four Parts: Routes and Route Maps; Empirical Modelling Strategies; Formalization; and Retrospect and Prospect. A short preamble to each chapter sketches the salient themes, links to earlier and later developments, and the lessons learnt or missed at the time. A sequence of detailed empirical studies of consumers' expenditure and money demand illustrate most facets of the approach. Material new to this revised edition describes recent major advances in computer-automated model selection, embodied in the powerful new software program PcGets, which establish the operational success of the modelling strategy.
- Author BiographyDavid F. Hendry is Leverhulme Personal Research Professor of Economics and Fellow of Nuffield College, Oxford. He was previously Professor of Econometrics at both the London School of Economics and the University of California at San Diego.
- Author(s)David F. Hendry
- PublisherOxford University Press
- Date of Publication26/10/2000
- SubjectEconomics: Professional & General
- Place of PublicationOxford
- Country of PublicationUnited Kingdom
- ImprintOxford University Press
- Content Notenumerous figures and tables
- Weight800 g
- Width156 mm
- Height235 mm
- Spine30 mm
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