Hayden Economics. Source: Economic Report of the President, To give some numerical results, we obtained the data shown in Table First we estimate the reduced-form equations, regressing separately price and quantity on per capital real consumption expenditure.
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Elements of Econometrics
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After earning his PhD in Economics with a minor in Statistics from Stanford under Kenneth Arrow in ,  Kmenta held academic positions at the University of Wisconsin —65, Michigan State University —73, and the University of Michigan emeritus and was a visiting faculty member at universities in five countries. Kmenta received 24 academic honors, awards, and prizes during his career, beginning with being made a fellow of the American Statistical Association in and a fellow of the Econometric Society in , and stretching through when he received the NEURON Award for Lifetime Achievement in Economics. Kmenta wrote extensively on econometric model building as well as econometric methods. He edited two books with James B.