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The first edition of this book has been described as a landmark
book, being the first of its kind in applied econometrics. This
second edition is thoroughly revised and updated and explains how
to use many recent technical developments in time series
econometrics. The main objective of the book is to help many
applied economists, with a limited background in econometric
estimation theory, to understand and apply widely used time eseries
econometric techniques.
'This most commendable volume brings together a set of papers which
permits ready access to the means of estimating quantitative
relationships using cointegration and error correction procedures.
Providing the data to show fully the basis for calculation, this
approach is an excellent perception of the needs of senior
undergraduates and graduate students.' - Professor W.P. Hogan, The
University of Sydney Applied economists, with modest econometric
background, are now desperately looking for expository literature
on the unit roots and cointegration techniques. This volume of
expository essays is written for them. It explains in a simple
style various tests for the existence of unit roots and how to
estimate cointegration relationships. Original data are given to
enable easy replications. Limitations of some existing unit root
tests are also discussed.
'I wish Professor Rao and his collaborators every success in
ensuring that future generations of students do not have to put up
with logically incoherent foundations to their understanding of
modern economic systems' - G.C. Harcourt, Jesus College, Cambridge
There is now an increasing realisation that the popular textbook
macroeconomic model of aggregate demand and supply is logically
incorrect. While there is a broad agreement among the critiques on
these logical flaws there has been no such agreement on how the
basic textbook macromodel should be modified. The essays in this
volume contain very promising alternative models which will
significantly influence the way macroeconomics will be taught in
the future.
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