By D. Royer, G. Ritschard (auth.), J. P. Ancot (eds.)
Understanding the constitution of a giant econometric version is just like the artwork of winetasting or just like the artwork of taking part in a musical tool. the standard of a wine effects from a fancy mixture of assorted parts reminiscent of its color which can be transparent and crystalline, its scent which are decomposed right into a common aroma and a number of specific features, roughly continual looking on the kind and the age of the wine, its style, after all, which back is a posh procedure whose equilibrium and beauty depend upon the total set of components: alcohol, tannin, glycerine, sugar, acidity . . . equally, a clarinetist's musicianship is determined by the standard of his software, on his embouchure, fingering, tonguing and articu lation innovations, on his experience for rhythm, phasing and tone color. despite the fact that, the appeal produced via a Romanee-Conti or through an excellent functionality of Brahm's F minor sonata for clarinet and piano arises from a method that's whilst time a lot less complicated and masses extra advanced than the simple juxtaposition of person causal family members. in recent times econometricians and macro-economists were challenged by means of the matter of holding abreast with an ever expanding variety of more and more advanced huge econometric versions. the need of constructing systematic analytical instruments to review the customarily implicit and hidden constitution of those versions has develop into extra evident.
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Additional resources for Analysing the Structure of Econometric Models
Two arguments will be presented in favour of such a presentation: - almost all the schemes one can obtain with the technique explained previously have some common patterns. '" "- \ \ \ \ \ \ \ \ \ \ \ \ I \ \ I \ I \ I I I \I \1 )II II . / / / / / 27 similar, regardless of the starting point that has been chosen. when a model has to be solved, the choice of the resolution scheme is crucial with respect to the performance of the solution algorithm. We will briefly discuss the second of the above arguments by presenting the results of an exercise in which different resolution schemes have been used for solving the interdependent block of our model by means of an iterative Gauss-Seidel procedure.
This example shows clearly why topological tools could not be used successfully to model relations and graphs: only quasi-orders could be considered. The problems of connectedness are fundamental problems in the area of graph theory and, more generally, of structural analysis: the concept of connectedness being also of a topological nature, one could be tempted to characterise connectedness in graphs in a topological sense. Such an attempt has been made by M. Messeri (1973); unfortunately, because he only had topological tools at his disposal, he was forced to systematically consider the transitive closures of the graphs and as far as non-transitive relations were concerned, he could not do better than making guesses.
This again corresponds to the average of economic models. Moreover, the different simplifications yield 10 arcs which cannot belong to any minimal graph. To an arc yr'~Yj of this type corresponds always a path Yi -~-+Yj formed exclusively by basic arcs. Tnerefore, the enumeration of these arcSlS 01 title interest for our analysis. Figure 2 shows a graphical representation of a smallest minimal graph associated with the interdependent block of the model. The arcs drawn in fat lines represent the basic arcs.
Analysing the Structure of Econometric Models by D. Royer, G. Ritschard (auth.), J. P. Ancot (eds.)