Econometric Modelling of Changing Time Series.
We model expenditure on food in the USA, using an extended time series. Even when a theory is essentially ‘correct’, it can manifest serious mis-specification if just fitted to data, ignoring its observed characteristics and major external events such as wars, recessions and policy changes. When t...
| Main Authors: | , |
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| Format: | Working paper |
| Language: | English |
| Published: |
Department of Economics (University of Oxford)
2010
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