What are we learning about the long-run?
AbstractAn 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 previous work in econometric theory has been unnecessarily over-precise. Unit root processes can be replaced by processes that approximate them without loss of interpretation. The possibility of embedding cointegration theory into a very general non linear theory is suggested. An example uses a nonIinear relationship between UK short and long run interest rate proposed by Frank Paish.
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The long-run in microeconomics; The long-run in macroeconomics; Cointegration; Approximating unit roots; Cointegration in nonlinear models;
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