Ramey, Valerie Ann; Konishi, Toru; Granger, Clive W.J. - National Bureau of Economic Research (NBER) - 1993
This paper re-examines the relationship between financial variables and real activity in a unified statistical framework. Using the methods of cointegration and separation. we characterize the long-run and short-run relationships between three sets of variables and then use the framework to...
