A Note on the Use of a Logarithmic Time Trend
It is shown that parameter estimates in a regression with a logarithmic time trend are not invariant to the choice of the starting point of that time trend. Possible solutions to this problem are discussed and applied to data from a recent article in this Review where a logarithmic time trend was included. It is suggested that the appropriate course is either to estimate the starting date directly or to adopt a functional form invariant to the choice of starting date.
Volume (Year): 52 (1984)
Issue (Month): 02 (August)
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- Turnovsky, Michelle & Folie, Michael & Ulph, Alistair, 1982. "Factor Substitutability in Australian Manufacturing with Emphasis on Energy Inputs," The Economic Record, The Economic Society of Australia, vol. 58(160), pages 61-72, March.
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