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2006 | 7 | 269--279
Tytuł artykułu

Imposing Economic Restrictions in a VECM-form Demand System

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The paper presents an application of the VECM-demand system approach with the emphasis on imposing economic restrictions. Number of the aggregate goods considered is such that full VECM model is formulated for twelve variables, which is more than in most illustrative applications. A convenient functional form of the demand system is employed, namely the Generalized Addilog model of Bewley (1986). Equality restrictions are imposed and tested with ML methods, and some results concerning inequality constraints are also presented. Since the latter pose serious theoretical problems for the ML-based statistical inference, only some ad-hoc technical results are presented in that case.(fragment of text)
Opis fizyczny
  • Cracow University of Economics, Poland
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