Accuracy in the Doolittle Solution

Leavens, Dickson H.

doi:10.2307/1905815

Cited by 4 publications

(1 citation statement)

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“…The most popular method for effecting such calculations, Doolittle's algorithm, was well known to economists of the era. It was featured in Klein 's (1953) econometrics text, as well as Goldberger 's (1964) text, although it was known to be of limited accuracy ( Leavens , 1947). See Goldberger (2004) for a discussion of econometric computing by hand.…”

Section: Fox's Olsmentioning

confidence: 99%

Re‐examining 50‐year‐old OLS estimates of the Klein–Goldberger model

McCullough

Renfro²,

Stokes

2006

Statistica Neerlandica

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This paper examines the ordinary least squares estimates of the Klein-Goldberger model by Fox (Journal of Political Economy , 64, 1956, 128). Because Klein and Goldberger published the data set with the model, it is possible to re-examine Fox's results years later, and investigate the accuracy with which these estimates were calculated. The examination reported in this paper was conducted by making independent estimates using three different modern econometric software packages. This examination reveals that the Fox estimates for a number of the equations of this model are replicable, to the two or three digits reported by Fox. Fox's results for other equations cannot be replicated. Not all the reasons for this lack of replicability can be determined, but in several cases the computational methods used by Fox and his assistants have been found to be faulty by modern computational standards.

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Section: Fox's Olsmentioning

confidence: 99%