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Rethinking error correction model in macroeconometric analysis : A relevant review

Pinshi, Christian (2020): Rethinking error correction model in macroeconometric analysis : A relevant review.

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Abstract

The cointégration methodology has bridged the growing gap between economists and econometricians in understanding dynamics, equilibrium and bias on the reliability of macroeconomic and financial analysis, which is subject to non-stationary behavior. This paper proposes a comprehensive literature review on the relevance of the error correction model. Econometricians and economists have shown that error-correction model is a powerful machine that provides the economic system and macroeconomic policy with a refinement in the econometric results

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