research notes: Closing the case on closure in Cole's model

Randall Jackson () and Moss Madden ()
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Moss Madden: Department of Civic Planning Design, University of Liverpool, Liverpool L69 3 BX, UK

Papers in Regional Science, 1999, vol. 78, issue 4, 423-427

Abstract: In his response to Closure in Cole's Reformulated Leontief Model (Jackson et al. 1997) Cole presents the mechanics of his solution. His spreadsheet demonstration of the model, however, fails to fully address the conceptual issues and model specification concerns raised in our critique. His demonstration does enable us to provide a sorely needed formalization that pinpoints the inconsistencies in his model. While we join with Cole in urging modellers to strive for clarity, transparency, and utility, we caution against allowing these goals to cause us to lose sight of internal consistency requirements.

Keywords: Extended input-output; lagged expenditures; model validity (search for similar items in EconPapers)
JEL-codes: B41 C67 R15 (search for similar items in EconPapers)
Date: 1999-09-27
Note: Received: 9 September 1998
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Citations: View citations in EconPapers (2)

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