APPLICATION OF SIMULTANEOUS EQUATIONS IN ECONOMETRIC MODELING

Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216275%3A25530%2F25%3A39923960" target="_blank" >RIV/00216275:25530/25:39923960 - isvavai.cz</a>
Result on the web
<a href="https://uni.uhk.cz/hed/site/assets/files/1093/proceedings_2025_1.pdf" target="_blank" >https://uni.uhk.cz/hed/site/assets/files/1093/proceedings_2025_1.pdf</a>
DOI - Digital Object Identifier
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Result language
angličtina
Original language name
APPLICATION OF SIMULTANEOUS EQUATIONS IN ECONOMETRIC MODELING
Original language description
This paper focuses on analyzing simultaneous equations and their application ineconometric modeling. We use various parameter estimation methods, including the classicalordinary least squares (OLS), generalized least squares (GLS), two-stage least squares (2SLS),three-stage least squares (3SLS), and maximum likelihood estimation (MLE). As a case study,we use Klein's macroeconomic model, which describes the relationships among keymacroeconomic variables such as GDP, consumption, investment, and wages. The model isestimated using historical economic data, and the results are compared across methods. Theresults show that the 2SLS and 3SLS methods provide more consistent estimates than OLS.In contrast, the MLE method offers the highest efficiency when dealing with the probabilisticstructure of the data. Finally, we discuss the advantages and limitations of these methods andtheir suitability for economic analysis.
Czech name
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Czech description
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Publication year
2025
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

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