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What Are We Learning about the Long-Run?

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  • Granger, Clive W J

Abstract

An attempt is made to link together earlier definitions of the long run found in micro and macro economics with recent developments in econometrics, specifically cointegration. It is suggested that the links are not strong and that most of the previou s work in econometric theory has been unnecessarily overprecise. The possibility of embedding cointegration theory into a very general, nonlinear theory is suggested. An example uses a nonlinear relationship between U.K. short- and long-run interest rates proposed by Frank Paish (1966). Copyright 1993 by Royal Economic Society.

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Bibliographic Info

Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 103 (1993)
Issue (Month): 417 (March)
Pages: 307-17

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Handle: RePEc:ecj:econjl:v:103:y:1993:i:417:p:307-17

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Cited by:
  1. Gonzalo, J. & Lee, T.H., 1995. "Pitfalls in Testing for Long Run Relationships," Papers 38, Boston University - Department of Economics.
  2. Cushman, David O. & MacDonald, Ronald & Samborsky, Mark, 2001. "The law of one price for transitional Ukraine," Economics Letters, Elsevier, vol. 73(2), pages 251-256, November.
  3. Charles Perrings & David Stern, 2000. "Modelling Loss of Resilience in Agroecosystems: Rangelands in Botswana," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 16(2), pages 185-210, June.
  4. Ulrich Müller & Mark W. Watson, 2009. "Low-Frequency Robust Cointegration Testing," NBER Working Papers 15292, National Bureau of Economic Research, Inc.
  5. Fouquet, Roger, 1995. "The impact of VAT introduction on UK residential energy demand : An investigation using the cointegration approach," Energy Economics, Elsevier, vol. 17(3), pages 237-247, July.
  6. Fouquet, Roger & Pearson, Peter & Hawdon, David & Robinson, Colin & Stevens, Paul, 1997. "The future of UK final user energy demand," Energy Policy, Elsevier, vol. 25(2), pages 231-240, February.
  7. Martin, Will & Mitra, Devashish, 1999. "Productivity growth and convergence in agriculture and manufacturing," Policy Research Working Paper Series 2171, The World Bank.

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