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The Cambridge Multisectoral Dynamic Model
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  • Page extent: 532 pages
  • Size: 228 x 152 mm
  • Weight: 0.95 kg

Library of Congress

  • Dewey number: 330.941/00724
  • Dewey version: 19
  • LC Classification: HC256.6 .C29 1987
  • LC Subject headings:
    • Great Britain--Economic conditions--1964-1979--Econometric models
    • Great Britain--Economic conditions--1979-1997--Econometric models
    • National income--Great Britain--Accounting--Econometric models

Library of Congress Record

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 (ISBN-13: 9780521330046 | ISBN-10: 0521330041)

DOI: 10.2277/0521330041

  • Published April 1988

Manufactured on demand: supplied direct from the printer

 (Stock level updated: 02:19 GMT, 01 December 2015)


This 1998 book presents the econometric analysis of single-equation and simultaneous-equation models in which the jointly dependent variables can be continuous, categorical, or truncated. Despite the traditional emphasis on continuous variables in econometrics, many of the economic variables encountered in practice are categorical (those for which a suitable category can be found but where no actual measurement exists) or truncated (those that can be observed only in certain range). Such variables are involved, for example, in models of occupational choice, choice of tenture in housing, and choice of type of schooling. Models with regulated prices and rationing and models for program evaluation also represent areas of application for the techniques presented by the author.


List of tables; List of figures; Foreword; Preface; Conventions; 1. Introduction Terry Barker; Part I. The Model as a System: 2. Theory and method Terry Barker and William Peterson; 3. The accounting framework and the data Terry Barker and Martin Weale; 4. The complete model Terry Barker; 5. Estimation William Peterson; 6. Computer software for a large econometric model William Peterson; Part II. Different Economic Sectors of the Model: 7. Consumers' expenditure Vani Borooah; 8. Fixed investment William Peterson; 9. Stockbuilding Michael Landesmann; 10. Exports and imports Terry Barker; 11. Employment William Peterson; 12. The demand for energy William Peterson; 13. Industrial prices and profits Martin Weale; 14. Export and import prices Terry Barker; 15. Incomes policy and earnings Tony Lawson; 16. Social security benefits and personal income tax Don Sharpe; 17. The company sector Andrew Goudie, Geoffrey Meeks and Martin Weale; 18. Financial stocks and returns Martin Weale; 19. Sterling exchange rate Andrew Snell; Appendix; List of variables in MDM6; Bibliography; Index of authors; Index of subjects.


'The book does an excellent job of surveying its chosen topics … such a comprehensive treatment as this book provides has previously been lacking. Thus the book fills an important gap in the literature. It will no doubt be widely read and used. It should be useful both to individuals interested in these topics at a theoretical level and those interested in applications. In the latter regard, an excellent feature of the book is that it contains a lot of empirical examples.' Journal of the American Statistical Association

' … a significant contribution to the literature on limited dependent and qualitative variables. It should serve as a major reference for researchers doing empirical work with these models. It should also be useful to graduate students as well as econometric theorists.' American Journal of Agriculture Economics

'To summarise, the book contains a very useful and clearly written account of many of the aspects of the limited dependent and qualitative variable models with an extensive use of empirical examples. The econometric issues raised by the models are neatly produced without taxing the reader too greatly. There will undoubtedly be other books appearing in the near future in the same area … he has produced a book which, by virtue of its extensive coverage, will be very hard to beat.' The Economic Journal


Terry Barker, William Peterson, Martin Weale, Vani Borooah, Michael Landesmann, Tony Lawson, Don Sharpe, Andrew Goudie, Geoffrey Meeks, Andrew Snell

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