Discussion Paper Series

Edinburgh School of Economics
Discussion Paper Series
Number 38
Structural analysis of vector error correction models
with exogenous I(1) variables
Mohammad Hashem Pesaran (Trinity College, Cambridge)
Richard J Smith (University of Bristol)
Yongcheol Shin (University of Edinburgh)
Date
October 1999
Published by
School of Economics
University of Edinburgh
30 -31 Buccleuch Place
Edinburgh EH8 9JT
+44 (0)131 650 8361
http://www.ed.ac.uk/schools-departments/economics
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Vwdwlvwlf 3=38 FY 3=43 FY Vwdwlvwlf 3=38 FY 3=43 FY
46<195 ;4153 :919; :81:6 6:1;8 68137
961;< 89176 851:4 6:13; 6419; 5<133
591;3 6816: 65184 4<193 571;; 55186
:154
4;13; 481;5
:154
4;13; 481;5
Wdeoh 8= Hvwlpdwhv ri wkh Huuru Fruuhfwlrq Frhflhqwv dqg Gldjqrvwlf Vwdwlvwlfv
Htxdwlrq
sw
hw
uw
uw
4|
3=395
+3=349,
3=457
+3=3:3,
3=377
+3=358,
3=3:8
+3=35;,
5|
3=396
+3=399,
3=37<
+3=5;8,
=369
+3=436,
3=754
+3=447,
U 5
31:;7
31487
313:3
314:5
"5VF +7,
6=68
^3=83`
3=:9
^3=<7`
4=;:
^3=:9`
<=:8
^3=378`
dAfo
"5II +4,
6=64
^3=3:`
3=:5
^3=73`
4=68
^3=58`
4=68
^3=58`
"5Q +5,
6=48
^3=54`
3=46
^3=<7`
8=35
^3=3;`
5<=65
^3=33`
"5KH +4,
3=35
^3=;;`
3=39
^3=;4`
3=46
^3=:5`
3=356
^3=;;`
+iuihi?Uit
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