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Author: | Bierens, H. J. Swanson, N. R. |
Title: | The econometric consequences of the ceteris paribus condition in economic theory |
Journal: | Journal of Econometrics
2000 : APR, VOL. 95:2, p. 223-253 |
Index terms: | ECONOMETRICS ECONOMIC THEORY STOCHASTIC PROCESSES BAYESIAN STATISTICS BUSINESS CYCLES |
Language: | eng |
Abstract: | This study investigates the econometric consequences of the ceteris paribus assumption by introducing a "state of the world" variable into a well specified stochastic economy theory, and shows that the difference between the conditional distribution implied by the theoretical model and the actual conditional distribution of the data is due to different ways of conditioning on the state of the world. |
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