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RBA Glossary definition for ECM
ECM – Error-correction ratio
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Why Does the Australian Dollar Move so Closely with the Terms of Trade?
1 Dec 2009
RDP
PDF
203KB
q tott t t= >λ ε λ. , 0 (6). To derive the second time-series model for Australia’s real exchange rate, we beginwith an unrestricted error-correction model (ECM):.
https://www.rba.gov.au/publications/rdp/1996/pdf/rdp9601.pdf