Journal article icon

Journal article

The Encompassing Implications of Feedback versus Feedforward Mechanisms in Econometrics.

Abstract:

If expectations are an important ingredient of economic decisions, when expectations alter feedback, models should manifest parameter change. This aspect of the "Lucas critique" therefore has implications for feedforward models when expectations processes change but conditional models do not. Both invariance and encompassing attributes of each type of model are investigated to demonstrate that the Lucas critique is refutable, as well as confirmable, even with incomplete information about how ...

Expand abstract

Actions


Authors


David F Hendry More by this author
Journal:
Oxford Economic Papers, N.S
Volume:
40
Publication date:
1988
URN:
uuid:0dffcee2-167b-43aa-aea6-f009bbccd193
Local pid:
oai:economics.ouls.ox.ac.uk:11266
Language:
English

Terms of use


Metrics



If you are the owner of this record, you can report an update to it here: Report update to this record

TO TOP