Layton, Allan; Smith, Daniel - 2007
Durland and McCurdy [Durland, J.M., McCurdy, T.H., 1994. Duration-dependent transitions in a Markov model of US GNP … growth. Journal of Business and Economic Statistics 12, 279?288] investigated the issue of duration dependence in US business … Economic Statistics 12, 299?308]. In Durland and McCurdy?s model duration alone was used as an explanatory variable of the …