An Econometric Method of Estimating the 'Hidden Economy,' United Kingdom (1960-1984): Estimates and Tests

Dilip K Bhattacharyya

Economic Journal, 1990, vol. 100, issue 402, 703-17

Abstract: In this paper, a method of estimating the unrecorded part of the GNP based on a modified RESET procedure applied to a currency demand equation is proposed. The model passes all standard diagnostic tests and the estimates of the unrecorded economy provide plausible answers when used as a proxy for the tax-evaded income. The method is easily applicable to most countries with minor modifications. Copyright 1990 by Royal Economic Society.

Date: 1990
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