The Significance of Simultaneous Methods of Parameter Estimation in Econometric Models

R. J. Ball

Journal of the Royal Statistical Society Series C, 1963, vol. 12, issue 1, 14-25

Abstract: The author argues the need for some practical measures as a guide to the estimation of econometric models. Although many theoretical problems still remain unsolved, simultaneous linear equation models play an important part in economic forecasting. This being so, the author's largely intuitive approach attempts to provide a criterion for the selection of the best fit between the ‘known’ variables and the variables to be forecast. Drawing upon an elementary econometric model of the United Kingdom he gives empirical results which tend to support his approach.

Date: 1963
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