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• W2247697104 endingPage "386" @default.
• W2247697104 startingPage "358" @default.
• W2247697104 abstract "Abstract Investigates the constructs of innovation errors, invariance, encompassing, and data admissibility, relates these to exogeneity and progressive research strategies, and introduces the notion of designing models to satisfy certain criteria to extend the manual of ‘good empirical practice’ through delineating more rigorous quality‐control procedures. Empirical models derive from the data generation process by reduction operations (such as marginalizing and conditioning), which induce transformed parameters and corresponding disturbance terms, which together determine the quality of an empirical model. A taxonomy of information sets exhaustively partitions available data into the six disjoint sets of the (relative) past, present, and future of the investigators own data, theory and measurement information, and evidence from rival models. Specific concepts correspond to each of the six elements in that partition, namely, innovation processes, exogeneity, invariance, theory consistency, data admissibility, and encompassing, These characterize the primary null hypotheses against which tests of different alternatives are conducted. Dynamic simulation is shown to be an inadequate model evaluation criterion." @default.
• W2247697104 created "2016-06-24" @default.
• W2247697104 creator A5014898803 @default.
• W2247697104 creator A5072606491 @default.
• W2247697104 date "2000-10-26" @default.
• W2247697104 modified "2023-10-16" @default.
• W2247697104 title "On the Formulation of Empirical Models in Dynamic Econometrics" @default.
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