Testing the Long Run Effect of Investment on Output in the Presence of Cointegration
A major empirical interest is whether a permanent change in economic fundamentals produces a growth effect. However, a direct time series analysis of this hypothesis may not always be feasible due to a lack of such events. This paper explains why a test regarding the long run effect of a temporary change in investment share may, under appropriate conditions, provide indirectly the answer regarding the effect of a (possibly hypothetical) permanent change in investment share.
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|Date of creation:||1996|
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Web page: http://economics.anu.edu.au/economics.htm
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