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- Title
Distributed Lags and Economic Theory.
- Authors
Bear, D.V.T.
- Abstract
In the economic literature on distributed lags one can detect two strands of primary concern; for the most part, the work in the field can be divided into theoretical statistical investigations of the sampling properties of estimators for economic relations involving lagged values of dependent variables, on the one hand, or applied statistical investigations involving the actual empirical estimation of individual economic relations, on the other. The present paper does not nearly fit into either of those two categories, for our concern here, although theoretical in nature, is economic rather than statistical. In general, we ask if an economic "world" where some part of the behaviour is governed by distributedlag schemes is fundamentally different in its dynamic performance from a "world" in which distributed lags are absent. Or, to put it slightly differently, what characteristics of economic models with the simplest of lag structures carry over to corresponding models involving distributed lags, and conversely? Our particular concern here is with the implications of distributed lags for dynamic stability.
- Subjects
DISTRIBUTED lags (Economics); ECONOMIC forecasting; ECONOMIC indicators; STABILITY (Mechanics); ECONOMETRICS; ESTIMATION theory; ECONOMIC statistics; ECONOMIC models; MACROECONOMICS
- Publication
Review of Economic Studies, 1966, Vol 33, Issue 3, p235
- ISSN
0034-6527
- Publication type
Article
- DOI
10.2307/2974417