A Comparison of the Michigan and Fair Models: Further Results

Ray Fair () and Lewis Alexander

No 704, Cowles Foundation Discussion Papers from Cowles Foundation for Research in Economics, Yale University

Abstract: This paper examines the equation-by-equation accuracy of the Michigan and Fair model using the method in Fair (1980). Emphasis is placed on examining the possible misspecification of the equations. In an earlier study, Fair and Alexander (1984), we used the method to examine the accuracy of the complete models. In the present study we are interested in the accuracy of the individual equations when considered in isolation from the rest of the model.

Pages: 26 pages
Date: 1984-05
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