This chapter discusses the theory and implementation of economic policy to put policy measures in a more general perspective, only some of which are purely demand management and aggregative. The evolution of econometric models for policy application to many supply-side characteristics is...

This chapter describes the recently developed policy evaluation techniques. It focuses on discrete time stochastic models and on relating the policy evaluation methods to the geometric approach commonly used in theoretical continuous time models. The exposition centers on a number of specific...

The methods for evaluating the predictive accuracy of econometric models are discussed in this chapter. The use of these methods should allow to decide upon the model that best approximates the true structure of the economy and how much confidence to place on the predictions from a given model....

This paper presents and extends the index function model of Karl Pearson (1901) that underlies all recent models in labor econometrics. In this framework, censored, truncated and discrete random variables are interpreted as the manifestation of various sampling schemes for underlying index...

This chapter presents an exposition of econometric methods for modeling producer behavior. The objective of econometric modeling is to determine the nature of substitution among inputs, the character of differences in technology, and the role of economies of scale. The principal contribution of...

Demand analysis refers largely to the study of commodity demands by consumers, most usually based on aggregate data but occasionally, and more so recently, on cross-sections or even panels of households. This chapter discusses the links between conventional demand analysis and such topics as...

This paper considers the formulation and estimation of continuous time social science duration models. The focus is on new issues that arise in applying statistical models developed in biostatistics to analyze economic data and formulate economic models. Both single spell and multiple spell...

This chapter reviews the recent literature on disequilibrium and selectivity models. The cornerstone of the disequilibrium models is the minimum condition. One of the most disturbing points in the empirical applications is that the disequilibrium models have been mechanically applied with no...