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Structural Models, Information and Inherited Restrictions

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  • Andrew J. Buck

    ()
    (Department of Economics, Temple University)

  • George M. Lady

    ()
    (Department of Economics, Temple University)

Abstract

The derived structural estimates of the system beta Y = gamma Z | delta U impose identifying restrictions on the reduced form estimates ex post. Some or all of the derived structural estimates are presented as evidence of the model’s efficacy. In fact, the reduced form inherits a great deal of information from the structure’s restrictions and hypothesized sign patterns, limiting the allowable signs for the reduced form. A method for measuring a structural model’s statistical information content is proposed. Further, the paper develops a method for enumerating the allowable reduced form outcomes which can be used to falsify the proposed model independently of significant coefficients found for the structural relations.

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File URL: http://www.cla.temple.edu/RePEc/documents/detu_11_03.pdf
File Function: First version, 2011
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Bibliographic Info

Paper provided by Department of Economics, Temple University in its series DETU Working Papers with number 1103.

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Date of creation: Jun 2011
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Handle: RePEc:tem:wpaper:1103

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Keywords: Qualitative Analysis; Structural Form; Reduced Form; Identification; Model Falsification; Entropy;

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  1. Buck, Andrew J. & Lady, George M., 2005. "Falsifying economic models," Economic Modelling, Elsevier, vol. 22(5), pages 777-810, September.
  2. Ritschard, Gilbert, 1983. "Computable Qualitative Comparative Static Techniques," Econometrica, Econometric Society, vol. 51(4), pages 1145-68, July.
  3. Sims, Christopher A, 1980. "Macroeconomics and Reality," Econometrica, Econometric Society, vol. 48(1), pages 1-48, January.
  4. Lady, George M. & Maybee, John S., 1983. "Qualitatively invertible matrices," Mathematical Social Sciences, Elsevier, vol. 6(3), pages 397-407, December.
  5. Titus O. Awokuse & David A. Bessler, 2003. "Vector Autoregressions, Policy Analysis, and Directed Acyclic Graphs: An Application to the U.S. Economy," Journal of Applied Economics, Universidad del CEMA, vol. 0, pages 1-24, May.
  6. Lady, George M. & Quirk, James P., 2007. "The scope of the LeChatelier Principle," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 381(C), pages 351-365.
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