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mw-first-heading"><span class="mw-page-title-main">Exogenous and endogenous variables</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. 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searchaux" style="display:none">Classification of variables in economic models</div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">For the term in biology, see <a href="/wiki/Endogeny_(biology)" title="Endogeny (biology)">Endogeny (biology)</a>. For the term in econometrics, see <a href="/wiki/Endogeneity_(econometrics)" title="Endogeneity (econometrics)">Endogeneity (econometrics)</a>. For other uses, see <a href="/wiki/Exogeny" title="Exogeny">Exogeny</a>.</div> <p>In an <a href="/wiki/Economics" title="Economics">economic</a> <a href="/wiki/Model_(economics)" class="mw-redirect" title="Model (economics)">model</a>, an <b>exogenous variable</b> is one whose measure is determined outside the model and is imposed on the model, and an exogenous change is a change in an exogenous variable.<sup id="cite_ref-Mankiw_1-0" class="reference"><a href="#cite_note-Mankiw-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: p. 8">: p. 8 </span></sup><sup id="cite_ref-Varian_2-0" class="reference"><a href="#cite_note-Varian-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: p. 202">: p. 202 </span></sup><sup id="cite_ref-Chiang_3-0" class="reference"><a href="#cite_note-Chiang-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: p. 8">: p. 8 </span></sup> In contrast, an <b>endogenous variable</b> is a variable whose measure is determined by the model. An endogenous change is a change in an endogenous variable in response to an exogenous change that is imposed upon the model.<sup id="cite_ref-Mankiw_1-1" class="reference"><a href="#cite_note-Mankiw-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: p. 8">: p. 8 </span></sup><sup id="cite_ref-Chiang_3-1" class="reference"><a href="#cite_note-Chiang-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: p. 8">: p. 8 </span></sup> </p><p>The term '<a href="/wiki/Endogeneity_(econometrics)" title="Endogeneity (econometrics)">endogeneity</a>' in <a href="/wiki/Econometrics" title="Econometrics">econometrics</a> has a related but distinct meaning. An endogenous random variable is <a href="/wiki/Correlation" title="Correlation">correlated</a> with the <a href="/wiki/Errors_and_residuals" title="Errors and residuals">error term</a> in the econometric model, while an exogenous variable is not.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Examples">Examples</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Exogenous_and_endogenous_variables&action=edit&section=1" title="Edit section: Examples"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In the <a href="/wiki/IS%E2%80%93LM_model" title="IS–LM model">LM model</a> of interest rate determination,<sup id="cite_ref-Mankiw_1-2" class="reference"><a href="#cite_note-Mankiw-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: pp. 261–7">: pp. 261–7 </span></sup> the supply of and demand for <a href="/wiki/Money" title="Money">money</a> determine the <a href="/wiki/Interest_rate" title="Interest rate">interest rate</a> contingent on the level of the money supply, so the <a href="/wiki/Money_supply" title="Money supply">money supply</a> is an exogenous variable and the interest rate is an endogenous variable. </p> <div class="mw-heading mw-heading2"><h2 id="Sub-models_and_models">Sub-models and models</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Exogenous_and_endogenous_variables&action=edit&section=2" title="Edit section: Sub-models and models"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>An economic variable can be exogenous in some models and endogenous in others. In particular this can happen when one model also serves as a component of a broader model. For example, the <a href="/wiki/IS-LM" class="mw-redirect" title="IS-LM">IS</a> model of only the goods market<sup id="cite_ref-Mankiw_1-3" class="reference"><a href="#cite_note-Mankiw-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: pp. 250–260">: pp. 250–260 </span></sup> derives the <a href="/wiki/Market_clearing" title="Market clearing">market-clearing</a> (and thus endogenous) level of <a href="/wiki/Output_(economics)" title="Output (economics)">output</a> depending on the exogenously imposed level of <a href="/wiki/Interest_rate" title="Interest rate">interest rates</a>, since interest rates affect the <a href="/wiki/Physical_investment" class="mw-redirect" title="Physical investment">physical investment</a> component of the demand for goods. In contrast, the <a href="/wiki/IS-LM" class="mw-redirect" title="IS-LM">LM</a> model of only the money market takes income (which <a href="/wiki/Identity_(mathematics)" title="Identity (mathematics)">identically</a> equals output) as exogenously given and affecting <a href="/wiki/Money_demand" class="mw-redirect" title="Money demand">money demand</a>; here equilibrium of money supply and money demand endogenously determines the interest rate. But when the IS model and the LM model are combined to give the <a href="/wiki/IS-LM_model" class="mw-redirect" title="IS-LM model">IS-LM model</a>,<sup id="cite_ref-Mankiw_1-4" class="reference"><a href="#cite_note-Mankiw-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: pp. 268–9">: pp. 268–9 </span></sup> both the interest rate and output are endogenously determined. </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Exogenous_and_endogenous_variables&action=edit&section=3" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Cambridge_capital_controversy" title="Cambridge capital controversy">Cambridge capital controversy</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Exogenous_and_endogenous_variables&action=edit&section=4" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap"><ol class="references"> <li id="cite_note-Mankiw-1"><span class="mw-cite-backlink">^ <a href="#cite_ref-Mankiw_1-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Mankiw_1-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-Mankiw_1-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-Mankiw_1-3"><sup><i><b>d</b></i></sup></a> <a href="#cite_ref-Mankiw_1-4"><sup><i><b>e</b></i></sup></a></span> <span class="reference-text">Mankiw, N. Gregory. <i>Macroeconomics</i>, third edition, 1997.</span> </li> <li id="cite_note-Varian-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-Varian_2-0">^</a></b></span> <span class="reference-text">Varian, Hal R., <i>Microeconomic Analysis</i>, third edition, 1992.</span> </li> <li id="cite_note-Chiang-3"><span class="mw-cite-backlink">^ <a href="#cite_ref-Chiang_3-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Chiang_3-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">Chiang, Alpha C. <i>Fundamental Methods of Mathematical Economics</i>, third edition, 1984.</span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFWooldridge2009" class="citation book cs1"><a href="/wiki/Jeffrey_Wooldridge" title="Jeffrey Wooldridge">Wooldridge, Jeffrey M.</a> (2009). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=64vt5TDBNLwC&pg=PA88"><i>Introductory Econometrics: A Modern Approach</i></a> (Fourth ed.). 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