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Testing the fed and the Graham & Dodd models: asymmetric vs. symmetric adjustment

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  • Christophe Boucher
  • Sofiane Aboura

Abstract

We examine the empirical validity of the Fed model and the Graham & Dodd model for five countries and over a time period spanning three decades by applying the Enders and Granger (1998) and Enders and Siklos (2001) threshold unit-root and cointegration tests. Our results support the hypothesis that the adjustment back to equilibrium is asymmetric.

Suggested Citation

  • Christophe Boucher & Sofiane Aboura, 2007. "Testing the fed and the Graham & Dodd models: asymmetric vs. symmetric adjustment," Applied Economics Letters, Taylor & Francis Journals, vol. 15(2), pages 91-94.
  • Handle: RePEc:taf:apeclt:v:15:y:2007:i:2:p:91-94
    DOI: 10.1080/13504850600706693
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