The Cambridge Multisectoral Dynamic Model

An econometric 1998 analysis of single and simultaneous-equation models where the jointly dependent variables can be continuous, categorical, or truncated.

Terry Barker (Edited by), William Peterson (Edited by)

9780521330046, Cambridge University Press

Hardback, published 28 April 1988

532 pages
22.9 x 15.2 x 3.3 cm, 0.95 kg

'To summarise, the book contains a very useful and clearly written account of many of the aspects of the limited dependent and qualitative variable models with an extensive use of empirical examples. The econometric issues raised by the models are neatly produced without taxing the reader too greatly. There will undoubtedly be other books appearing in the near future in the same area … he has produced a book which, by virtue of its extensive coverage, will be very hard to beat.' The Economic Journal

This 1998 book presents the econometric analysis of single-equation and simultaneous-equation models in which the jointly dependent variables can be continuous, categorical, or truncated. Despite the traditional emphasis on continuous variables in econometrics, many of the economic variables encountered in practice are categorical (those for which a suitable category can be found but where no actual measurement exists) or truncated (those that can be observed only in certain range). Such variables are involved, for example, in models of occupational choice, choice of tenture in housing, and choice of type of schooling. Models with regulated prices and rationing and models for program evaluation also represent areas of application for the techniques presented by the author.

List of tables
List of figures
Foreword
Preface
Conventions
1. Introduction Terry Barker
Part I. The Model as a System: 2. Theory and method Terry Barker and William Peterson
3. The accounting framework and the data Terry Barker and Martin Weale
4. The complete model Terry Barker
5. Estimation William Peterson
6. Computer software for a large econometric model William Peterson
Part II. Different Economic Sectors of the Model: 7. Consumers' expenditure Vani Borooah
8. Fixed investment William Peterson
9. Stockbuilding Michael Landesmann
10. Exports and imports Terry Barker
11. Employment William Peterson
12. The demand for energy William Peterson
13. Industrial prices and profits Martin Weale
14. Export and import prices Terry Barker
15. Incomes policy and earnings Tony Lawson
16. Social security benefits and personal income tax Don Sharpe
17. The company sector Andrew Goudie, Geoffrey Meeks and Martin Weale
18. Financial stocks and returns Martin Weale
19. Sterling exchange rate Andrew Snell
Appendix
List of variables in MDM6
Bibliography
Index of authors
Index of subjects.

Subject Areas: Microeconomics [KCC]