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dc.contributor.authorMøller, Niels Framrozeen
dc.date.accessioned2009-01-28T15:05:26Z-
dc.date.available2009-01-28T15:05:26Z-
dc.date.issued2008-
dc.identifier.urihttp://hdl.handle.net/10419/17993-
dc.description.abstractExamples of simple economic theory models are analyzed as restrictions on the Cointegrated VAR (CVAR). This establishes a correspondence between basic economic concepts and the econometric concepts of the CVAR: The economic relations correspond to cointegrating vectors and exogeneity in the economic model implies the econometric concept of strong exogeneity for â. The economic equilibrium corresponds to the so-called long-run value (Johansen 2005), the comparative statics are captured by the long-run impact matrix, C; and the exogenous variables are the common trends. Also, the adjustment parameters of the CVAR are shown to be interpretable in terms of expectations formation, market clearing, nominal rigidities, etc. The general-partial equilibrium distinction is also discussed.en
dc.language.isoengen
dc.publisher|aKiel Institute for the World Economy (IfW) |cKielen
dc.relation.ispartofseries|aEconomics Discussion Papers |x2008-21en
dc.subject.jelC32en
dc.subject.ddc330en
dc.subject.keywordCointegrated VARen
dc.subject.keywordunit root approximationen
dc.subject.keywordeconomic theory modelsen
dc.subject.keywordexpectationsen
dc.subject.keywordgeneral equilibriumen
dc.subject.keywordDSGE modelsen
dc.subject.stwVAR-Modellen
dc.subject.stwKointegrationen
dc.subject.stwWirtschaftsmodellen
dc.subject.stwAllgemeines Gleichgewichten
dc.titleBridging Economic Theory Models and the Cointegrated Vector Autoregressive Model-
dc.typeWorking Paperen
dc.identifier.ppn566317826en
dc.rights.licensehttp://creativecommons.org/licenses/by-nc/2.0/de/deed.enen
dc.identifier.repecRePEc:zbw:ifwedp:7283en

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