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Econometrics: Alchemy or Science?Essays in Econometric Methodology$
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David F. Hendry

Print publication date: 2000

Print ISBN-13: 9780198293545

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198293542.001.0001

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Liquidity and Inflation Effects on Consumers' Expenditure

Liquidity and Inflation Effects on Consumers' Expenditure

(p.210) 9 Liquidity and Inflation Effects on Consumers' Expenditure
Econometrics: Alchemy or Science?

David F. Hendry (Contributor Webpage)

Thomas von Ungern‐Sternberg

Oxford University Press

An integral correction mechanism (based on liquid assets) related to servomechanistic control theory improved the DHSY specification and explained the role of inflation as measuring the erosion of the real value of nominal assets, leading to the HUS model. Seasonal indicators were re‐introduced. An explicit progressive research strategy for empirical modelling was proposed, sustained by encompassing.

Keywords:   consumer expenditure, DHSY, empirical modelling, encompassing, inflation, integral correction mechanism, progressive research strategy, seasonality

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