Friday, April 17, 2015

DHSY -- Detailed Explanation

The DHSY paper on the modeling of the consumption function is extremely important. It is very condensed and contains a lot of information packed into it, which is not explained in detail. It is worth reading carefully, and can be the basis of a full course on econometrics. EVERY econometrician should know the paper thoroughly as it discusses most important basic concepts required for the knowledge of econometrics. Non-econometricians can also benefit from reading and understanding it.

At the moment, I am planning to go through paper with my students, where we can take turns in reading and interpreting. I have set up a website to which we can post, and also add comments at the bottom of the pages for discussion.

The website is: DHSY

There are two panels on the pages. One side should contain the original text, while the other side should contain the interpretation, to be written in by students in turn.

The original paper is in PDF format, which makes it difficult to copy from. You can get it into word format by using OCR -- Optical Character Recognition   First you have to copy a page from the pdf file and put it into Windows PAINT. Then save the file as JPG format and then upload to this website for character recognition. Probably wont work with formulas and graphs and so those should be typed it or else cut and pasted as graphics.