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The RAS Approach in Updating Input-Output Matrices: An Instrumental Variable Interpretation and Analysis of Structural Change
The main purposes of the paper are to reconsider the rationale of the RAS method, and to attempt to improve on its interpretation and usefulness. The substitution and fabrication factors in the RAS method are interpreted as statistical estimates obtained by the method of instrumental variables. This...
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| Published in: | Economic systems research 1998-03, Vol.10 (1), p.63-78 |
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| Format: | Article |
| Language: | English |
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| cited_by | cdi_FETCH-LOGICAL-c376m-878f2d4bd836c6f9337a7f5599fb2d08220b3502ee7ddfea0702b33b01b2436c3 |
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| cites | cdi_FETCH-LOGICAL-c376m-878f2d4bd836c6f9337a7f5599fb2d08220b3502ee7ddfea0702b33b01b2436c3 |
| container_end_page | 78 |
| container_issue | 1 |
| container_start_page | 63 |
| container_title | Economic systems research |
| container_volume | 10 |
| creator | Toh, Mun-Heng |
| description | The main purposes of the paper are to reconsider the rationale of the RAS method, and to attempt to improve on its interpretation and usefulness. The substitution and fabrication factors in the RAS method are interpreted as statistical estimates obtained by the method of instrumental variables. This enables the computation of asymptotic standard errors for the factors and the relative precision of the predicted technical coefficients. Furthermore, an adjustment cost minimization model to describe how a sector determines its substitution and fabrication factors is presented. The solutions of the model provide another rationale for the RAS method, and the associated Lagrangian multipliers can be useful for assessing structural constraints and structural change. |
| doi_str_mv | 10.1080/09535319800000006 |
| format | article |
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| identifier | ISSN: 0953-5314 |
| ispartof | Economic systems research, 1998-03, Vol.10 (1), p.63-78 |
| issn | 0953-5314 1469-5758 |
| language | eng |
| recordid | cdi_proquest_miscellaneous_38592611 |
| source | EconLit s plnými texty; International Bibliography of the Social Sciences (IBSS); ABI/INFORM Global (ProQuest); Taylor & Francis |
| subjects | Adjustment costs Econometrics Economic forecasts Economic models Economic theory Empirical research Input output analysis instrumental variables Lagrange multipliers Multiplier RAS method relative precision of coefficients sectoral optimization model Structural adjustment Structural change Studies |
| title | The RAS Approach in Updating Input-Output Matrices: An Instrumental Variable Interpretation and Analysis of Structural Change |
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