By Iosif Abramovich. Ostrovitdi8anov, Konstantin Vasil'evich, Lapidus
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Additional resources for An outline of political economy: Political economy and Soviet economics
8. 4 clearly shows that the model very accurately traces the behaviour of the share of loans to the firms during the sample period. 5, the tracking is somewhat choppy in 1993 but quite satisfactory thereafter—particularly since January 1995. 6. But even in this case the directions of the changes are predicted reasonably well. 7. What is particularly remarkable about this figure is that it does such a good job, even though we had to proxy the rate of return on the two types of securities by the return on the t-bill rate only.
In order to see more clearly the implications of this assumption, it is useful to derive the adding-up restrictions explicitly. However, instead of doing that for the entire model, we follow the procedure of the last chapter and use an illustrative example with two assets, and in this case also the consumption function in its simplified form. 11) Note that in this simplified model, we have excluded the lagged terms of the assets from the consumption function. 12) When the consumption-saving decision is made first and the portfolio-selection decision next, the adding-up restrictions can be derived by setting β1=β2=β3=0.
This method gives the same results as the ordinary least squares method in the case where all equations have the same regressors. However, if some regressors are deleted from one or more of the equations, which will often be the case due to multicollinearity problems, Zellner’s results differ from the OLS results. To circumvent the problem of the singular variance-covariance matrix of disturbances when all equations are estimated simultaneously, one of the equations is deleted from the system. In our estimates, the equation for net foreign assets is deleted from the system.