Applications of Econometrics |
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Page 159
... wages are the price of the commodity ' labour services ' and an ordinary demand / price situation exists in the labour market : if demand is high ( so unemployment is low ) then wages will rise in the compe- titive bidding for scarce ...
... wages are the price of the commodity ' labour services ' and an ordinary demand / price situation exists in the labour market : if demand is high ( so unemployment is low ) then wages will rise in the compe- titive bidding for scarce ...
Page 166
... wage - rates to the level of unemployment , expressing Phillips ' idea that wages - the price of labour - adjust to wipe out any imbalance in the labour market . Although money wages and not ' real ' wages are used , because wage ...
... wage - rates to the level of unemployment , expressing Phillips ' idea that wages - the price of labour - adjust to wipe out any imbalance in the labour market . Although money wages and not ' real ' wages are used , because wage ...
Page 219
... wages , whereas the effect of price - changes is less than proportional , the coefficient of AP , being 0.68 . The one - year- lagged price - change , AP - 1 , is significant by 2SLS but has the ' wrong ' sign , and Hines does not give ...
... wages , whereas the effect of price - changes is less than proportional , the coefficient of AP , being 0.68 . The one - year- lagged price - change , AP - 1 , is significant by 2SLS but has the ' wrong ' sign , and Hines does not give ...
Contents
ECONOMETRIC MODELS | 1 |
Specification Errors in Multiple Regression | 18 |
DISTRIBUTED LAGS | 26 |
Copyright | |
10 other sections not shown
Common terms and phrases
actual adaptive expectations aggregate agriculture algebraic assume average B₁ B₂ behaviour bias bullocks capital CD function Chapter Cobb-Douglas coefficients column constant constraint consumption function cost crop demand equation demand function dependent variable distributed lag econometric econometrician effect elasticity endogenous equilibrium exogenous explanatory variable F-ratio factor final demand firms forecast Griliches Hines hypothesis incomes policy industry inflation influence input-output input-output model inputs intercept isoquant labour linear marginal measure multicollinearity Nerlove non-significant OLS estimates output over-identified P₁ parameters partial adjustment period Phillips curve price-changes production function proxy rate of change ratio regression regressors relationship residual returns to scale sample serial correlation significant statistical structural Student's t-test substitution supply equation Table technical progress tion trades union trend Turnovsky unemployment units variance vector w₁ wage-changes wage-rates wages X₁ βι