Journalartikel

Jahr der Veröffentlichung: 1997

Seiten: 129-152

Zeitschrift: Journal of Economics and Statistics

Bandnummer: 216

Heftnummer: 2

ISSN: 0021-4027

DOI Link: https://doi.org/10.1515/jbnst-1997-0202

Verlag: De Gruyter Brill

Abstract: 
In order to differentiate between unit root-persistence and structural break-hysteresis we estimate two types of cointegration models for West German employment. The standard model is compared with a model including structural breaks in the long-run relation between employment and its determinants. Our estimation shows that persistence is probably attributed to structural breaks in the long-run relation and not to a degenerating adjustment process. Thus, a unit root in the standard model possibly reveals a misspecification in the form of an ex-ante exclusion of the possibility of structural breaks in the equilibrium relation due to serious economic shocks.

Harvard-Zitierstil: Belke, A. and Göcke, M. (1997) Cointegration and structural breaks in German employment - An error-correction interpretation, Jahrbücher für Nationalökonomie und Statistik - Journal of Economics and Statistics, 216(2), pp. 129-152. https://doi.org/10.1515/jbnst-1997-0202

APA-Zitierstil: Belke, A., & Göcke, M. (1997). Cointegration and structural breaks in German employment - An error-correction interpretation. Jahrbücher für Nationalökonomie und Statistik - Journal of Economics and Statistics. 216(2), 129-152. https://doi.org/10.1515/jbnst-1997-0202