Lumsdaine, Robin L.; Papell, David H. - In: The Review of Economics and Statistics 79 (1997) 2, pp. 212-218
Ever since Nelson and Plosser (1982) found evidence in favor of the unit-root hypothesis for 13 long-term annual macro series, observed unit - root behavior has been equated with persistence in the economy. Perron (1989) questioned this interpretation, arguing instead that the "observed"...