Chapter

Interpreting Linear Models

David F. Hendry

in Dynamic Econometrics

Published in print February 1995 | ISBN: 9780198283164
Published online November 2003 | e-ISBN: 9780191596384 | DOI: http://dx.doi.org/10.1093/0198283164.003.0006

Series: Advanced Texts in Econometrics

 Interpreting Linear Models

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Regression, linear least‐squares approximation, contingent plan, and behavioural model are distinguished as four interpretations that ‘look alike’ yet have different properties. Models of expectations formation are analysed including rational, consistent, unbiased, and economically rational expectations, the last highlighting the instrumental role of expectations in achieving plans.

Keywords: behavioural model; contingent plan; expectations formation; linear least‐squares approximation; rational expectations; regression

Chapter.  17096 words.  Illustrated.

Subjects: Econometrics and Mathematical Economics

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