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![]() ![]() ![]() ![]() Following the development of this framework, a number of statistical tests were derived to determine inter-dependencies and the nature of the dynamic relationships between variables. The development of these models is the subject of much ongoing research that follows the seminal contribution of Sims ( 1972), which established a framework for modelling endogenous variables in a multivariate setting. In addition, they are also important forecasting tools that are used by most macroeconomic or policy-making institutions. Vector Autoregressive (VAR) models are widely used in time series research to examine the dynamic relationships that exist between variables that interact with one another. Vector autoregression models by Kevin Kotzé
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