Distributed Lags and Demand Analysis for Agricultural and Other Commodities.
Ben C. French, Marc Nerlove · Journal of the American Statistical Association · 1959
Separability of equations 35 Modifications when current price and income enter the demand eqviations , 39 Models that involve both rigidities and uncertainty kl When current price does not affect the long-nm equilibriimi demand k2 When current price does affect the longrrun equilibrium demand k6 Methods of statistical estimation kj A method that makes direct use of equations that involve distributed lags V...;.*. • • k8 A method that makes use of single reduced equations 57 A method that makes use of multiple reduced equations 62 Effects of serial correlation 75 Alternative cases 77 Alternative assumptions ¿2 Interdependency of variables within a system 82 Conditions which must be satisfied if the method of least squares is used 82 An approach which can be used if the method of least squares is not directly applicable 85 Demand for durable consumption goods and the distinction between consumption and savings 86 An exaniple relating to automobiles 88 Conclusions 93 Friedman*s permanent income hypothesis and its implications for demand analysis, 93 Theoretical formulation 93 Statistical specifications 96 Implications of Friedman * s hypothesis 103 Tests of the permanent income hypothesis IO9 Literature cited *.