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Models and Relations in Economics and Econometrics

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  • Katarina Juselius

    (Institute of Economics, University of Copenhagen)

Abstract

Based 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.

Suggested Citation

  • Katarina Juselius, 1999. "Models and Relations in Economics and Econometrics," Discussion Papers 99-13, University of Copenhagen. Department of Economics.
  • Handle: RePEc:kud:kuiedp:9913
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    File URL: http://www.econ.ku.dk/english/research/publications/wp/1999/9913.pdf/
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    References listed on IDEAS

    as
    1. Henrik Hansen & Anders Warne, 1995. "Common Trends Analysis of Danish Unemployment," Discussion Papers 95-03, University of Copenhagen. Department of Economics.
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    More about this item

    Keywords

    I(2); price homogeneity; money market; cointegrated VAR;

    JEL classification:

    • 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

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