Convergence and Cointegration
| dc.contributor.author | Guerrero, David | |
| dc.contributor.author | García Hiernaux, Alfredo Alejandro | |
| dc.date.accessioned | 2023-06-20T09:13:17Z | |
| dc.date.available | 2023-06-20T09:13:17Z | |
| dc.date.issued | 2011 | |
| dc.description | JEL: C22, C32, N70, F15 | |
| dc.description.abstract | This paper provides a new, united, and flexible framework to measure and characterize convergence in prices. We formally define this notion and propose a model to represent a wide range of transition paths that converge to a common steady-state. Our framework enables the econometric measurement of such transi-tional behaviors and the development of testing procedures. Speci¯cally, we derive a statistical test to determine whether convergence exists and, if so, which type: as catching-up or steady-state. The application of this methodology to historic wheat prices results in a novel explanation of the convergence processes experienced during the 19th century. | |
| dc.description.faculty | Fac. de Ciencias Económicas y Empresariales | |
| dc.description.faculty | Instituto Complutense de Análisis Económico (ICAE) | |
| dc.description.refereed | FALSE | |
| dc.description.status | unpub | |
| dc.eprint.id | https://eprints.ucm.es/id/eprint/12874 | |
| dc.identifier.relatedurl | https://www.ucm.es/icae | |
| dc.identifier.uri | https://hdl.handle.net/20.500.14352/49011 | |
| dc.issue.number | 22 | |
| dc.language.iso | eng | |
| dc.page.total | 25 | |
| dc.relation.ispartofseries | Documentos de Trabajo del Instituto Complutense de Análisis Económico (ICAE) | |
| dc.rights | Atribución-NoComercial 3.0 España | |
| dc.rights.accessRights | open access | |
| dc.rights.uri | https://creativecommons.org/licenses/by-nc/3.0/es/ | |
| dc.subject.keyword | Price convergence | |
| dc.subject.keyword | Cointegration | |
| dc.subject.keyword | Law of one price. | |
| dc.subject.ucm | Macroeconomía | |
| dc.subject.unesco | 5307.14 Teoría Macroeconómica | |
| dc.title | Convergence and Cointegration | |
| dc.type | technical report | |
| dc.volume.number | 2011 | |
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| dspace.entity.type | Publication | |
| relation.isAuthorOfPublication | da39222d-0086-4c3a-9421-032f49579d94 | |
| relation.isAuthorOfPublication.latestForDiscovery | da39222d-0086-4c3a-9421-032f49579d94 |
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