Abstract
Frisch had described implications of the statistical problems unique to econometrics and finance in his paper published in the Nordic Statistical Journal in his 1929 “Correlation and Scatter in Statistical Variables” and also in his 1934 book Statistical Confluence Analysis by Means of Complete Regression Systems. 1 This work was influential on Haavelmo , who followed up Frisch’ work with his Econometrica paper “The Statistical Implications of a System of Simultaneous Equations.”2 The Haavelmo paper, at only a dozen pages long, set the agenda for the Cowles Commission over the next decade and econometrics ever since.
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Read, C. (2016). Haavelmo’s Great Idea. In: The Econometricians. Great Minds in Finance. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-137-34137-2_29
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DOI: https://doi.org/10.1057/978-1-137-34137-2_29
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