Models and relations in economics and econometrics

Katarina Juselius

Journal of Economic Methodology, 1999, vol. 6, issue 2, 259-290

Abstract: Based on a money market analysis using the cointegrated VAR model the paper demonstrates some possible pitfalls in macroeconomic inference as a direct consequence of inadequate stochastic model formulation. A number of questions related to concepts such as empirical and theoretical steady-states, speed of adjustment, feedback and interaction effects, and driving forces are addressed within the framework of the cointegrated VAR model. The interpretation and analysis of common driving trends are related to the notion of shocks or disturbances to a system, distinguishing between permanent and transitory, and anticipated and unanticipated effects.

Keywords: econometric methodology; macroeconomic inference; cointegrated VAR; monetary policy (search for similar items in EconPapers)
Date: 1999
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (34)

Downloads: (external link)
http://www.tandfonline.com/doi/abs/10.1080/13501789900000017 (text/html)
Access to full text is restricted to subscribers.

Related works:
Working Paper: Models and Relations in Economics and Econometrics (1999)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:taf:jecmet:v:6:y:1999:i:2:p:259-290

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/RJEC20

DOI: 10.1080/13501789900000017

Access Statistics for this article

Journal of Economic Methodology is currently edited by John Davis and D Wade Hands

More articles in Journal of Economic Methodology from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().