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| Author: | Swamy, P. A. V. B. Tavlas, G. S. |
| Title: | Is it possible to find an econometric law that works well in explanation and prediction? The case of Australian money demand |
| Journal: | Journal of Forecasting
1992 : JAN, VOL. 11:1, p.17-33 |
| Index terms: | ECONOMETRIC MODELS ECONOMETRICS PREDICTION THEORY MONEY DEMAND AUSTRALIA |
| Language: | eng |
| Abstract: | Every model proposed by economists must be shown to work well in explanation and prediction over a broad range of data and conditions before it is elevated to the status of a casual law. Pratt and Sclaifer's approaches are used to find a law of money demand in Australia and relevant data are employed to check the validity of its explanations and predictions. Comparisons are made of Pratt and Schlaifer's approaches with those suggested by Engle and Granger, Swamy and others. Conclusions drawn by the comparisons and by the authors' own results are analyzed. |
SCIMA