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Econometric modeling of linear dynamic systems is considered in the light of new reasons for general to simple modeling of the joint data density. To offset the resulting modeling burden due to large numbers of variables, equations, and parameters, the authors consider PcFiml 8 as a modeling tool. Graphics allow vast amounts of information to be appraised at a glance. The demand for M1 in the United Kingdom is modeled as a system using the approach described and establishes that inflation, the interest rate, and output interact closely but are weakly exogenous in the money demand equation.
Hendry et al. (Tue,) studied this question.
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