Non-causality in Cointegrated Systems: Representation Estimation and Testing.

B-Tier
Journal: Oxford Bulletin of Economics and Statistics
Year: 1992
Volume: 54
Issue: 3
Pages: 399-417

Authors (2)

Mosconi, Rocco (Politecnico di Milano) Giannini, Carlo (not in RePEc)

Score contribution per author:

1.005 = (α=2.01 / 2 authors) × 1.0x B-tier

α: calibrated so average coauthorship-adjusted count equals average raw count

Abstract

This paper addresses the problem of representing noncausality between two sets of cointegrated variables. In this case, maximum likelihood estimates of the parameters may be derived based on Johansen's approach. Likelihood ratio tests for noncausality are derived, which are different depending on the distributions of the unit roots in the marginal subsystem and the autoregressive part of the conditional subsystem. These tests are chi-squared-distributed. A Monte Carlo experiment illustrates t he advantages of the proposed approach when compared to the usual approach based on VAR's in levels. Copyright 1992 by Blackwell Publishing Ltd

Technical Details

RePEc Handle
repec:bla:obuest:v:54:y:1992:i:3:p:399-417
Journal Field
General
Author Count
2
Added to Database
2026-01-26