Rabanal, Pau; Rubio-Ramírez, Juan Francisco; Tuesta … - 2009
rest of the world are characterized by
a vector error correction model (VECM) and that adding cointegrated technology … cointegrated. Motivated by this empirical
�nding, we introduce technology shocks that follow a vector error correction model (VECM … parameters of a vector error correction model (VECM) using TFP processes for
the U.S. and a �rest of the world�aggregate. In …