Vector Auto-Regression and Classical Economic Theory: Will the Keynesian Saga Ever End?
Economists rely on Vector Autoregression (VAR) models to forecast macroeconomic time series that may infer the effects of structural shocks and estimate unobservable cyclical components of macroeconomic aggregates. A VAR model is made up of a system of equations that represents the relationships between multiple variables. For example, variables such as unemployment, interest, and inflation … Continue reading Vector Auto-Regression and Classical Economic Theory: Will the Keynesian Saga Ever End?
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