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A History of EconometricsThe Reformation from the 1970s$
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Duo Qin

Print publication date: 2013

Print ISBN-13: 9780199679348

Published to Oxford Scholarship Online: September 2013

DOI: 10.1093/acprof:oso/9780199679348.001.0001

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Rise of the LSE Approach

Rise of the LSE Approach

(p.57) 4 Rise of the LSE Approach
A History of Econometrics

Qin Duo

Oxford University Press

This chapter studies the development of the LSE (London School of Economics) approach. The study starts from the growing research focus on dynamic specification issues, away from issues relating to simultaneous-equations models (SEMs), through empirical modelling experiments at the LES. It then examines the rise of the LSE approach from the conceptual formalisation of conditional dynamic models, which can be seen as an effort to emulate and extend the CC legacy of SEMs. The growth of the LSE approach is also illustrated via the example of a series of money demand studies. The methodological features of the LSE approach are evaluated in comparison with the other two approaches.

Keywords:   error correction, dynamic specification, encompassing, exogeneity, general-to-specific, model reduction

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