Models and Relations in Economics and Econometrics
AbstractBased on a money market analysis the paper discusses possible pitfalls in acroeconomic inference related to inadequate stochastic model formulation. A number of questions related to concepts such as empirical and theoretical steady-states, speed of adjustment, feed-back and interaction effects, and driving forces are addressed within the framework of the cointegrated VAR model. The economic notion of anticipated and unanticipated shocks to a system is discussed from an econometric point of view.
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Bibliographic InfoPaper provided by University of Copenhagen. Department of Economics in its series Discussion Papers with number 99-13.
Length: 32 pages
Date of creation: Apr 1999
Date of revision:
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I(2); price homogeneity; money market; cointegrated VAR;
Other versions of this item:
- Katarina Juselius, 1999. "Models and relations in economics and econometrics," Journal of Economic Methodology, Taylor & Francis Journals, vol. 6(2), pages 259-290.
- B4 - Schools of Economic Thought and Methodology - - Economic Methodology
- C5 - Mathematical and Quantitative Methods - - Econometric Modeling
- E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
This paper has been announced in the following NEP Reports:
- NEP-ALL-2002-03-04 (All new papers)
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