A Comparison of the Michigan and Fair Models: Further Results
This paper examines the equation-by-equation accuracy of the Michigan and Fair model using the method in Fair (1980). Emphasis is placed on examining the possible misspeciﬁcation of the equations. In an earlier study, Fair and Alexander (1984), we used the method to examine the accuracy of the complete models. In the present study we are interested in the accuracy of the individual equations when considered in isolation from the rest of the model.
Fair, Ray C. and Alexander, Lewis S., "A Comparison of the Michigan and Fair Models: Further Results" (1984). Cowles Foundation Discussion Papers. 937.