What do Almon's endpoint constraints constrain?
AbstractIn 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.
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Bibliographic InfoPaper provided by Federal Reserve Bank of St. Louis in its series Working Papers with number 1984-017.
Date of creation: 1984
Date of revision:
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- Dallas S. Batten & Daniel L. Thornton, 1984. "How robust are the policy conclusions of the St. Louis equation?: some further evidence," Review, Federal Reserve Bank of St. Louis, issue Jun.
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