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Recursive vs. Nonrecursive Systems: An Attempt at Synthesis (Part I of a Triptych on Causal Chain Systems)
Robert H. Strotz and H. O. A. Wold
Vol. 28, No. 2 (Apr., 1960), pp. 417-427
Published by: The Econometric Society
Stable URL: http://www.jstor.org/stable/1907731
Page Count: 11
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This paper, which in part serves as a common introduction to the two papers following in this issue, attempts to define the meaning of the "casual interpretability of a parameter" in a system of simultaneous linear relationships. It attempts, moreover, to expound a basis for interpreting the parameters of a nonrecursive or interdependent system casually. This is done in terms of an underlying causal chain system to which the interdependent system is either an approximation or a description of the equilibrium state.
Econometrica © 1960 The Econometric Society