Editor’s Introduction

B. Rao

Chapter 1 in Cointegration, 1994, pp 1-8 from Palgrave Macmillan

Abstract: Abstract Methodological revolutions in economics are not new. Economics has gone through the Keynesian, monetarist, neoclassical and new classical revolutions in the post war period. The major impact of each one of these revolutions is that they call for a fundamental change in our way of thinking about modelling economic phenomena. Such revolutions in economics are invariably controversial partly because they often imply that existing policy measures are inappropriate and should be abandoned in favour of a new set of policies. Herein lies a major source of controversy. The old and new policies have different adherents depending on their sense of economic fairness and justice. Therefore it is hard to derive widely acceptable conclusions about the relative merits of these revolutions using a positive framework.

Keywords: Unit Root; Unit Root Test; Cointegration Technique; Cointegrating Regression; Unit Root Null Hypothesis (search for similar items in EconPapers)
Date: 1994
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DOI: 10.1007/978-1-349-23529-2_1

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