Topics in nonparametric comparative statics and stability

George Lady

International Advances in Economic Research, 2000, vol. 6, issue 1, 67-83

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. Copyright International Atlantic Economic Society 2000

Date: 2000
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DOI: 10.1007/BF02295752

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