RECURSIVE STRUCTURE IN U.S. INCOME, PRICES, AND OUTPUT
In: Journal of political economy, Band 87, Heft 6, S. 1307-1327
ISSN: 0022-3808
PAPER TTESTS THE HYPOTHESIS THAT THE STRUCTURE OF THE ECONOMY IS RECURSIVE WITH DISTURBANCES FLOWING FROM INCOME TO PRICES, BUT NOT BACK TO INCOME. TESTS ARE BASED ON ANYSIS OF THE VECTOR STOCHASTIC PROCESS OF GNP, THE PRICE DEFLATOR, & REAL GNP FOR THE UNITED STATES FROM 1954 TO 1970.