The Full Annual Model in Summary Form

Abstract

The aim of this chapter is to summarise the model we have estimated, and to bring out some of its important features. The estimates presented below are the instrumental-variables estimates; in the case of this particular estimation technique, the ‘GIVE’ programme treats all the exogenous and predetermined variables appearing in the equation — including the constant — plus the lagged regressand as well as the lagged regressors as legitimate instrumental variables. In addition to these, additional instruments have been used, as we indicate in the following equations. The summary of the model appears immediately below; this is followed by a list of the definitions and sources of the variables utilised for the estimation of the model. Finally, we discuss some of the important features of the annual model and attempt briefly to compare them with the ones of some of the major models referred to in the Introduction.