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Topics in nonparametric comparative statics and stability

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  • George Lady

Abstract

This paper presents the analysis of the Jacobian matrix of a small, macroeconomic model to determine the robustness of the model's comparative statics. The values of the model's coefficients are assessed with respect to seven alternative estimation strategies such as ordinary least squares or two-stage least squares. For each alternative version, the invertibility and stability of the Jacobian matrix is studied. The model is robust to the degree that these characteristics are shared by any matrix with the same sign pattern or other similar nonparametric conditions on its entries. One way to address the relative success of the different estimation strategies is through the robustness of the comparative statics of the resulting model. Copyright International Atlantic Economic Society 2000

Suggested Citation

  • George Lady, 2000. "Topics in nonparametric comparative statics and stability," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 6(1), pages 67-83, February.
  • Handle: RePEc:kap:iaecre:v:6:y:2000:i:1:p:67-83:10.1007/bf02295752
    DOI: 10.1007/BF02295752
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    References listed on IDEAS

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    1. Kelvin Lancaster, 1962. "The Scope of Qualitative Economics," Review of Economic Studies, Oxford University Press, vol. 29(2), pages 99-123.
    2. Milgrom, Paul, 1994. "Comparing Optima: Do Simplifying Assumptions Affect Conclusions?," Journal of Political Economy, University of Chicago Press, vol. 102(3), pages 607-615, June.
    3. W. M. Gorman, 1964. "More Scope for Qualitative Economics," Review of Economic Studies, Oxford University Press, vol. 31(1), pages 65-68.
    4. Milgrom, Paul & Shannon, Chris, 1994. "Monotone Comparative Statics," Econometrica, Econometric Society, vol. 62(1), pages 157-180, January.
    5. Ritschard, Gilbert, 1983. "Computable Qualitative Comparative Static Techniques," Econometrica, Econometric Society, vol. 51(4), pages 1145-1168, July.
    6. James Quirk & Richard Ruppert, 1965. "Qualitative Economics and the Stability of Equilibrium," Review of Economic Studies, Oxford University Press, vol. 32(4), pages 311-326.
    7. William J. Gillen & Antonio Guccione, 1990. "The Introduction of Constraints in Lancaster's Qualitative Comparative Statics Algorithm," The Quarterly Journal of Economics, Oxford University Press, vol. 105(4), pages 1053-1061.
    8. Lady, George M. & Maybee, John S., 1983. "Qualitatively invertible matrices," Mathematical Social Sciences, Elsevier, vol. 6(3), pages 397-407, December.
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    Cited by:

    1. Buck, Andrew J. & Lady, George M., 2012. "Structural sign patterns and reduced form restrictions," Economic Modelling, Elsevier, vol. 29(2), pages 462-470.
    2. Lady, George M. & Buck, Andrew J., 2011. "Structural models, information and inherited restrictions," Economic Modelling, Elsevier, vol. 28(6), pages 2820-2831.
    3. 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.
    4. Buck, Andrew J. & Lady, George M., 2005. "Falsifying economic models," Economic Modelling, Elsevier, vol. 22(5), pages 777-810, September.

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