Topics in nonparametric comparative statics and stability |
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Authors: | George M Lady |
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Institution: | (1) Temple University, U.S.A. |
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Abstract: | This paper presents the analysis of the Jacobian matrix of a small, macroeconomic model to determine the robustness of the
model's comparative statics. The values of the model's coefficients are assessed with respect to seven alternative estimation
strategies such as ordinary least squares or two-stage least squares. For each alternative version, the invertibility and
stability of the Jacobian matrix is studied. The model is robust to the degree that these characteristics are shared by any
matrix with the same sign pattern or other similar nonparametric conditions on its entries. One way to address the relative
success of the different estimation strategies is through the robustness of the comparative statics of the resulting model. |
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Keywords: | |
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