{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,4,16]],"date-time":"2026-04-16T16:12:36Z","timestamp":1776355956492,"version":"3.51.2"},"reference-count":14,"publisher":"Wiley","issue":"5","license":[{"start":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T00:00:00Z","timestamp":1591056000000},"content-version":"vor","delay-in-days":0,"URL":"http:\/\/onlinelibrary.wiley.com\/termsAndConditions#vor"}],"content-domain":{"domain":["onlinelibrary.wiley.com"],"crossmark-restriction":true},"short-container-title":["J of Applied Econometrics"],"published-print":{"date-parts":[[2020,8]]},"abstract":"<jats:title>Summary<\/jats:title><jats:p>In this paper, we revisit the well\u2010known UK inflation model by Hendry (<jats:italic>Journal of Applied Econometrics<\/jats:italic>, 2001, <jats:italic>16<\/jats:italic>, 255\u2013275. We replicate the results in a narrow sense using the gretl and PcGive programs. In a wide sense, we extend the study of model uncertainty using the Bayesian averaging of classical estimates (BACE) approach as an automatic model reduction strategy. We consider three different specifications to compare BACE variable selection with Hendry's reduction. We find that the BACE method can recover the path of nontrivial reduction strategy.<\/jats:p>","DOI":"10.1002\/jae.2760","type":"journal-article","created":{"date-parts":[[2020,4,8]],"date-time":"2020-04-08T05:07:25Z","timestamp":1586322445000},"page":"645-652","update-policy":"https:\/\/doi.org\/10.1002\/crossmark_policy","source":"Crossref","is-referenced-by-count":8,"title":["Model simplification and variable selection: A replication of the UK inflation model by Hendry (2001)"],"prefix":"10.1002","volume":"35","author":[{"given":"Marcin","family":"B\u0142a\u017cejowski","sequence":"first","affiliation":[{"name":"WSB University in Torun, The Department of Economics and Finance  ul. M\u0142odzie\u017cowa 31a, 87\u2013100 Toru\u0144 Poland"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Pawe\u0142","family":"Kufel","sequence":"additional","affiliation":[{"name":"WSB University in Torun, The Department of Economics and Finance  ul. M\u0142odzie\u017cowa 31a, 87\u2013100 Toru\u0144 Poland"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Jacek","family":"Kwiatkowski","sequence":"additional","affiliation":[{"name":"Nicolaus Copernicus University, The Department of Economic Applications of Informatics and Mathematics  ul. Gagarina 13a, 87-100 Toru\u0144 Poland"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"311","published-online":{"date-parts":[[2020,6,2]]},"reference":[{"key":"e_1_2_9_2_1","unstructured":"B\u0142a\u017cejowski M. &Kwiatkowski J.(2018).Bayesian averaging of classical estimates (BACE) for gretl. 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