Many questions in economics involve long-run or trend variation and covariation in time series. Yet, time series of typical lengths contain only limited information about this long-run variation. This paper suggests that long-run sample information can be isolated using a small number of...

Many questions in economics involve long-run or trend variation and covariation in time series. Yet, time series of typical lengths contain only limited information about this long-run variation. This paper suggests that long-run sample information can be isolated using a small number of...

This chapter discusses two alternative approaches to the analysis of economic data, which is time series and the classical econometric approaches. The time series approach is based on experience from many fields, but that of the econometrician has been viewed as applicable only to economic data...