In the theory of competitive markets, agents act as if they do not affect prices. By analogy with the language of econometrics, agents may be said to take prices as "exogenously given," which suggests that prices are econometrically exogenous in individual behavioral equations. This involves semantic confusion between different meanings of the word "exogenous." Simultaneity problems cannot be dispelled by working with disaggregated data. In particular, nothing is gained by disaggregating the dependent variable in a regression equation if the "micro" and the "macro" equations use the same regressors. However, there may be substantial gains from disaggregation of the regressors.

This paper develops the instrumental variables estimator for a possibly incomplete, dynamic economic system with vector autoregressive moving average disturbances. Its asymptotic distribution is derived and, under fairly weak conditions, it is shown that lagged endogenous variables may be validly included in the set of instruments. Statistics are proposed for testing the order of the error process and the validity of the instruments.

Journal Article A Note on Feldstein's Criticism of Mean-Variance Analysis Get access Joram Mayshar Joram Mayshar The Hebrew University of Jerusalem Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 45, Issue 1, February 1978, Pages 197–199, https://doi.org/10.2307/2297094 Published: 01 February 1978

Journal Article A Simple Neo-Keynesian Growth Model Get access John Williamson John Williamson London Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 37, Issue 2, April 1970, Pages 157–171, https://doi.org/10.2307/2296409 Published: 01 April 1970 Article history Received: 01 August 1968 Accepted: 01 May 1969 Published: 01 April 1970

Journal Article The Consumption and the Output Turnpike Theorems in a von Neumann Type of Model—A Finite Term Problem Get access J. Tsukui J. Tsukui Tokyo College of Economics Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 34, Issue 1, January 1967, Pages 85–93, https://doi.org/10.2307/2296572 Published: 01 January 1967

Journal Article A Note on the Bohm-Bawerk/Wicksell Theory of Interest Get access J. Hirshleifer J. Hirshleifer University of California, Los Angeles Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 34, Issue 2, April 1967, Pages 191–199, https://doi.org/10.2307/2296808 Published: 01 April 1967

Journal Article An Econometric Model of the U.K. Get access J. Johnston J. Johnston Manchester Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 29, Issue 1, October 1961, Pages 29–39, https://doi.org/10.2307/2296179 Published: 01 October 1961

Journal Article Cash Circulation in the Planned Economies of Eastern Europe Get access J. Baracs J. Baracs London Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 27, Issue 1, October 1959, Pages 50–57, https://doi.org/10.2307/2296050 Published: 01 October 1959

Journal Article Central Planning in the Netherlands Get access J. Tinbergen J. Tinbergen The Hague, Holland Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 15, Issue 2, 1947, Pages 70–77, https://doi.org/10.2307/2295994 Published: 01 September 1947

Econometric Business Cycle Research J. Tinbergen J. Tinbergen The Hague, Holland Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 7, Issue 2, February 1940, Pages 73–90, https://doi.org/10.2307/2967472 Published: 01 February 1940