A nine-equation econometric model of the U. S. textile industry is presented to explain the behavior of the industry during the period 1953 through 1962. The endogenous variables of the model include apparel output and demand, textile mill products output and demand, employment, wages, profit, and investment. A computer program was written to simulate the behavior of the textile industry between 1953 and 1962 on the basis of the behavioral relationships implied by the nine-equation model. Three different techniques were used to compare the simulated data generated by the model of the textile industry with actual observed data—graphical analysis, spectral analysis, and total variance analysis.
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Naylor et al. (1967) studied this question.
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