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Economic theory and econometric dynamics in modelling wages and prices in the United Kingdom 总被引:1,自引:1,他引:0
We show that a “competing claims” model of imperfect competition can explain the movements of wages and prices in the United
Kingdom, using quarterly data covering 1976–93. We argue that careful attention both to economic theory and to the interaction
between dynamics and identification is crucial in the building of the model and to dynamic econometric models in general.
We use a small numerical example with simulated cointegrated data to illustrate the potential pitfalls.
First version received: January 1998/final version received: November 1998 相似文献
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Chris M. Alaouze 《Empirical Economics》2003,28(3):599-613
The modified logit model (Amemiya and Nold, 1975) is generalised to the case where the error term is autocorrelated. The
asymptotic distribution (as n →∞ and T →∞) of a feasible GLS estimator of β is derived. Tests of linear restrictions on β and the significance of ρ are presented.
The results of the applied work suggest that the factors which explain the pricing behaviour of manufacturing firms, as reported
in the tendency survey conducted by the Australian Chamber of Commerce and Industry and the Westpac Banking Corporation, include
historical inflation rates of up to 7 quarters and capacity utilisation.
First version received: March 2001/Final version received: July 2002
RID="*"
ID="*" The first draft of this paper was written while the author was on study leave at the Department of Econometrics, University
of Sydney, Australia. 相似文献
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