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Global and National Macroeconometric ModellingA Long-Run Structural Approach$
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Anthony Garratt, Kevin Lee, M. Hashem Pesaran, and Yongcheol Shin

Print publication date: 2006

Print ISBN-13: 9780199296859

Published to Oxford Scholarship Online: September 2006

DOI: 10.1093/0199296855.001.0001

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An economic theory of the long run

An economic theory of the long run

(p.67) 4 An economic theory of the long run
Global and National Macroeconometric Modelling

Anthony Garratt (Contributor Webpage)

Kevin Lee (Contributor Webpage)

M. Hashem Pesaran (Contributor Webpage)

Yongcheol Shin (Contributor Webpage)

Oxford University Press

This chapter describes a specific theoretical framework for the macroeconomic modelling of a small open economy, emphasizing stock-flow equilibria, accounting identities, and arbitrage conditions. It describes how the framework can be embedded within a macroeconometric model, noting the testable restrictions on the long-run relations suggested by the theory.

Keywords:   stock-flow equilibria, arbitrage, economic structure, long-run theory

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