What Are We Learning about the Long-Run?
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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Volume (Year): 103 (1993)
Issue (Month): 417 (March)
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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Koop, Gary, 1991. "Intertemporal Properties of Real Output: A Bayesian Analysis," Journal of Business & Economic Statistics, American Statistical Association, vol. 9(3), pages 253-265, July.
- Engle, R. F. & Granger, C. W. J. (ed.), 1991. "Long-Run Economic Relationships: Readings in Cointegration," OUP Catalogue, Oxford University Press, number 9780198283393.