In contrast to earlier efforts to model the economy structurally and to use constant adjustments and judgmental estimates for the exogenous variables, these systems are deliberately automatic and mechanical, simply translating available information into a statistically best estimate of current conditions.
22.
CGE models are based on macro balancing equations, and use an equal number of equations ( based on the standard macro balancing equations ) and unknowns solvable as simultaneous equations, where exogenous variables are changed outside the model, to give the endogenous results.
23.
Then, we can use ( z 1, z 2, z 3 ) as instruments to estimate the coefficients in the above equation since there are one endogenous variable ( y 2 ) and one excluded exogenous variable ( z 2 ) on the right hand side.
24.
Other rationales for the failure of the forward rate unbiasedness hypothesis include considering the conditional bias to be an exogenous variable explained by a policy aimed at smoothing interest rates and stabilizing exchange rates, or considering that an economy allowing for discrete changes could facilitate excess returns in the forward market.
25.
Although the QRA method is based on quantile regression, not least squares, it still suffers from the same problems : the exogenous variables should not be correlated strongly and the number of variables included in the model has to be relatively small in order for the method to be computationally efficient.
26.
The " rank condition " of identifiability is that " n i " } }, where ? " i " 0 is a matrix which is obtained from ? by crossing out those columns which correspond to the excluded endogenous variables, and those rows which correspond to the included exogenous variables.
27.
Where W is the nominal wage rate ( exogenous due to stickiness in the short run ), P e is the anticipated ( expected ) price level, and Z 2 is a vector of exogenous variables that can affect the position of the labor demand curve ( the capital stock or the current state of technological knowledge ).
28.
Where Y is real GDP, M is the nominal money supply, P is the price level, G is real government spending, T is an exogenous component of real taxes levied, and Z 1 is a vector of other exogenous variables that affect the location of the IS curve ( exogenous influences on any component of spending ) or the LM curve ( exogenous influences on money demand ).
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