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Macroeconometrics: developments, tensions, and prospects
Author(s):
F. CANOVA
,
K. HOOVER
,
F Canova
,
K. D. Hoover
,
K. Hoover
Publication date:
1995
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In the last decade time series econometrics has changed dramatically. One increasingly prominent field has become the treatment of regime shifts and non-linear mod- elling strategies. While the importance ofregime shifts, particularly in macroeconometric systems, seems to be generally accepted, there is no established theory suggesting a unique approach for specifying econometric models that embed changes in regime.
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