Modeling Considerations

  • Jaime Marquez
Part of the Advanced Studies in Theoretical and Applied Econometrics book series (ASTA, volume 39)


When I took his course, Lawrence Klein introduced his lectures in econometrics by indicating that econometricians wear two hats. In formulating behavioral relations, we wear a theorist’s hat since we assume the parameters of the behavioral relations to be known. In estimating the parameters, we wear a statistician’s hat since we take the behavioral relations as given.


Real Exchange Rate Price Elasticity Forecast Period Elasticity Estimate World Export 
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Copyright information

© Springer Science+Business Media Dordrecht 2002

Authors and Affiliations

  • Jaime Marquez
    • 1
  1. 1.Federal Reserve BoardUSA

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