L'incidence redistributive de la privatisation des retraites

Exogeneity in Error Correction Models

“…The most popular example is probably long run purchasing power parity which has been extensively analysed by means of cointegration techniques over the recent years (see Delhausse andUrbain, 1990, 1991, and the references cited therein). Although there are an important number of situations where economic theory implicitly leads to integration and cointegration, we shall point out two major situations where cointegration is implied by theory.…”