What do Almon's endpoint constraints constrain?

Dallas S. Batten and Daniel Thornton

No 1984-017, Working Papers from Federal Reserve Bank of St. Louis

Abstract: In this paper we show that Almon's (1965) endpoint constraints do not constrain the endpoints, as commonly thought. In particular, the endpoints are not constrained to equal zero. Consequently, these constraints have neither a basis in economic theory nor the econometric justification frequently ascribed to them.

Date: 1984
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