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Journal article
Re‐examining 50‐year‐old OLS estimates of the Klein–Goldberger model
Statistica Neerlandica, Vol.60(2)
May 2006
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Abstract
This paper examines the ordinary least squares estimates of the Klein–Goldberger model by Fox (Journal of Political Economy, 64, 1956, 128). Because Klein and Goldberger published the data set with the model, it is possible to re‐examine Fox's results years later, and investigate the accuracy with which these estimates were calculated. The examination reported in this paper was conducted by making independent estimates using three different modern econometric software packages. This examination reveals that the Fox estimates for a number of the equations of this model are replicable, to the two or three digits reported by Fox. Fox's results for other equations cannot be replicated. Not all the reasons for this lack of replicability can be determined, but in several cases the computational methods used by Fox and his assistants have been found to be faulty by modern computational standards.
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Details
- Title
- Re‐examining 50‐year‐old OLS estimates of the Klein–Goldberger model
- Creators
- B. D McCulloughCharles G RenfroHouston H Stokes
- Publication Details
- Statistica Neerlandica, Vol.60(2)
- Publisher
- Blackwell Publishing; Oxford, UK
- Number of pages
- 13
- Resource Type
- Journal article
- Language
- English
- Academic Unit
- Decision Sciences (and Management Information Systems)
- Identifiers
- 991014878184104721
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- Web of Science research areas
- Statistics & Probability