In practice, long-term and short-term irreversible reactions for example of demand due to changes in prices, advertising expenditures, etc. are more important than is commonly assumed in economic (...)
In this essay the method to estimate asymmetric relations with error correction models by splitting the error correction term u[t-1] in [+] u[t-1] and [-] u[t-1] , proposed by Granger and Lee (1989), (...)