By D. Royer, G. Ritschard (auth.), J. P. Ancot (eds.)
Understanding the constitution of a giant econometric version is just like the artwork of winetasting or just like the artwork of taking part in a musical software. the standard of a wine effects from a fancy mixture of assorted components similar to its color which may be transparent and crystalline, its scent which might be decomposed right into a common aroma and numerous specific features, kind of power looking on the kind and the age of the wine, its flavor, in fact, which back is a posh method whose equilibrium and style depend upon the total set of materials: alcohol, tannin, glycerine, sugar, acidity . . . equally, a clarinetist's musicianship is determined by the standard of his software, on his embouchure, fingering, tonguing and articu lation suggestions, on his experience for rhythm, phasing and tone color. although, the attraction produced by means of a Romanee-Conti or via a super functionality of Brahm's F minor sonata for clarinet and piano arises from a method that's while time a lot easier and masses extra advanced than the easy juxtaposition of person causal kinfolk. lately econometricians and macro-economists were challenged by means of the matter of protecting abreast with an ever expanding variety of progressively more advanced huge econometric versions. the need of constructing systematic analytical instruments to check the customarily implicit and hidden constitution of those versions has develop into extra evident.
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Additional info for Analysing the Structure of Econometric Models
Yi(t) appears in the j-th equation which determines yp) *+ (Yi'Yj) is an arc ofG. There, we assume that this definition implies the reflexivity of C since '#t) appears in the equation which determines #t),; for short, we shall say that 'Yi(t) is 'cause' of Yi(t)' . Given this convention, we easily deduce that the boolean matrix associated with "V graph G and with this binary relation C is the boolean matrix GO associated with matrix GO which describes all the simultaneous interdependencies in the model structural form: "V YiCYj <+ (Yi'Yj) arcofG *+ (GO)ij= 1 Yi'hj <+ is not an (Yi' Yj) arc of G # (GO) ij = 0 <+ (GO)ij"* 0 # (GO)ij = 0 "V 37 'V GO' C and G are three equivalent representations of the causality in a given model.
A. (1979), 'La modelisation macroeconomique: une etude de la structure et de la dynamique des modcles macrooconomiques" Statistiques et etudes jinancieres, serie orange, (special issue). , A. Ravelli and F. , No 313. Rossier, E. (1979), Economie structurale, Economica, Paris. A. (1957), 'Causal ordering and identifiability', in: Models of Man, Social and Rational, (part 1. ch. 1), J. Wiley and Sons. H. A. Wold (1960), 'Recursive versus non-recursive systems: an attempt at synthesis', Econometrica, Vol.
Where we find the bulk of the variables (66 to 93%)_ In other words, the boolean matrix of almost every macroc~onomic model is as follows (from Nepomiastchy, Ravelli and Rechenmann (1978)): prologue core + loop equations epilogue The results of the analysis are presented in table 1; it can be checked that the large central block contains almost every economically important variable in each 40 Table I. 2 114 313 model. Nevertheless, if these results are robust (because not at variance with the first step results), they are insufficient; they do not give real insight in the macroeconomic structure apart from illustrating the importance of the interdependence in the macroeconomic models.