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- W2023591999 abstract "This article analyzes the univariate properties of real output and extends traditional analyses in three ways: (1) A Bayesian approach is taken. (2) Extensive cross-country comparisons are performed. Using data from Summers and Heston, cross-country comparisons are derived for postwar data for 121 different countries. (3) A model is developed that allows for the possibility that real output may be fractionally integrated. In addition, standard comparisons between autoregressive integrated moving average (ARIMA) and deterministic trend models are made. The class of fractionally integrated processes, although possessing certain properties useful for generalization of ARIMA models, has received relatively little attention in the macroeconomic literature. Such models are valuable because they allow for greater flexibility in estimating the long-run persistence of shocks." @default.
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- W2023591999 date "1991-07-01" @default.
- W2023591999 modified "2023-09-25" @default.
- W2023591999 title "Intertemporal Properties of Real Output: A Bayesian Analysis" @default.
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- W2023591999 doi "https://doi.org/10.1080/07350015.1991.10509851" @default.
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