Econometric Modeling of the Interactions between Japan’s Housing Investment and GDP
نویسنده
چکیده
This paper pursues an econometric investigation of the interactions between Japan’s housing investment and gross domestic product (GDP). A cointegrated vector autoregressive (VAR) analysis of Japan’s recent time series data reveals two cointegrating relationships, which characterize the underlying long-run interactions of the variables in question. The cointegrated VAR model is then reduced to a vector equilibrium correction model, which is seen as a parsimonious representation of various dynamic interactions in the data.
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