Abstract
This article is concerned with the interpretation of econometric equation systems as systems of macrorelations. If an aggregate consumption function, say, is part of such a system and if it is also regarded as the macroeconomic analogue of a set of consumption functions of individual households, what is then the relationship between the macroeconomic consumption function and the underlying microeconomic consumption functions? The analysis, which is partly statistical, is carried out for linear equation systems.
This article first appeared in Econometrica, 27 (1959), 14-29. Reprinted with the permission of the Econometric Society.
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© 1992 Springer Science+Business Media Dordrecht
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Theil, H. (1992). The Aggregation Implications of Identifiable Structural Macrorelations. In: Raj, B., Koerts, J. (eds) Henri Theil’s Contributions to Economics and Econometrics. Advanced Studies in Theoretical and Applied Econometrics, vol 23. Springer, Dordrecht. https://doi.org/10.1007/978-94-011-2546-8_9
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