Monte Carlo simulations, of this estimator being superior in small samples compared to a number of alternative estimators, as well as being able not only to accommodate higher orders of integration but also to account for possible simultaneity within regressors of a potential demand system. Furthermore, cointegration introduction to econometrics stock watson 3e pdf download error-correction methods are employed to derive short-run price and income elasticities. Estimated results are quite robust not only in terms of statistical prowess but also in terms of economic intuition and indicate that, over the long run, both price and income elasticities are close to unity. Overall, results seem to imply that for China, coal consumption should remain relatively constant as future modernization strategies for economic development are pursued.
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In addition, the study has clear methodological implications for estimating the long- and short-run elasticities in a demand function in general, and in a wide variety of fields in future applied research. Check if you have access through your login credentials or your institution. 1996 Published by Elsevier Ltd. This paper shows how we can estimate VAR’s formulated in levels and test general restrictions on the parameter matrices even if the processes may be integrated or cointegrated of an arbitrary order. Yamamoto’s research was supported by Grant-in-Aid 04630013 of the Ministry of Education, Science and Culture.
We thank anonymous referees for helpful comments on an earlier draft. 1995 Published by Elsevier B. The ﬁrst edition of Basic Econometrics was published thirty years ago. Over the years, there have been important developments in the theory and practice of econometrics. Sorry, preview is currently unavailable.
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