The effect of long-run identification on impulse-response functions: An application to the relationship between macroeconomics and agriculture in Tunisia

Monia Ben Kaabia, Jose Maria Gil and Houssem Eddine Chebbi

Agricultural Economics Review, 2002, vol. 03, issue 2, 13

Abstract: The objective of this paper is to analyse some of the most relevant relationships among macroeconomic variables and the agricultural sector in Tunisia. Three alternative models are specified and estimated: a VAR in levels, an unrestricted Vector Error Correction Model (VECM), and a Restricted VECM in which long-run relationships among the relevant variables are identified. In all models short-run dynamics are analysed through the use of Generalised Impulse Response Functions. Results indicate that alternative model specifications generate different short-run dynamics. Long-run identification seems to be a necessary condition for obtaining consistent economic results.

Keywords: Agricultural; and; Food; Policy (search for similar items in EconPapers)
Date: 2002
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:ags:aergaa:26459

DOI: 10.22004/ag.econ.26459

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