Chapter

An economic theory of the long run

Anthony Garratt, Kevin Lee, M. Hashem Pesaran and Yongcheol Shin

in Global and National Macroeconometric Modelling

Published in print August 2006 | ISBN: 9780199296859
Published online September 2006 | e-ISBN: 9780191603853 | DOI: http://dx.doi.org/10.1093/0199296855.003.0004
 An economic theory of the long run

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This chapter describes a specific theoretical framework for the macroeconomic modelling of a small open economy, emphasizing stock-flow equilibria, accounting identities, and arbitrage conditions. It describes how the framework can be embedded within a macroeconometric model, noting the testable restrictions on the long-run relations suggested by the theory.

Keywords: stock-flow equilibria; arbitrage; economic structure; long-run theory

Chapter.  9098 words. 

Subjects: Econometrics and Mathematical Economics

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