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Título:
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Convergence and Cointegration
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Autores:
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García Hiernaux, Alfredo ;
Guerrero, David
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Tipo de documento:
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texto impreso
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Fecha de publicación:
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2011-06
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Dimensiones:
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application/pdf
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Nota general:
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cc_by_nc
info:eu-repo/semantics/openAccess
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Idiomas:
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Palabras clave:
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Estado = No publicado
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Materia = Ciencias Sociales: Economía: Macroeconomía
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Tipo = Documento de trabajo o Informe técnico
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Resumen:
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This paper provides a new, united, and flexible framework to measure and characterize convergence in prices. We formally define this notion and propose a model to represent a wide range of transition paths that converge to a common steady-state. Our framework enables the econometric measurement of such transi-tional behaviors and the development of testing procedures. Speci¯cally, we derive a statistical test to determine whether convergence exists and, if so, which type: as catching-up or steady-state. The application of this methodology to historic wheat prices results in a novel explanation of the convergence processes experienced during the 19th century.
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En línea:
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https://eprints.ucm.es/id/eprint/12874/1/1122.pdf
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