Search: ECM
RBA Glossary definition for ECM
ECM – Error-correction ratio
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Appendix 2: Design of the Empirical ECM
1 Nov 1995
RDP
9510
RDP 9510: Modelling Inflation in Australia Appendix 2: Design of the Empirical ECM. ... autoregressive distributed lag for the CPI is simplified to the ECM in (17).
https://www.rba.gov.au/publications/rdp/1995/9510/appendix-2.html
The Model's Properties
1 Nov 1995
RDP
9510
The small ECM coefficient in (17) implies a large coefficient (0.9109) on the lagged dependent variable p. ... The autoregressive distributed lag representation (20) emphasizes that the ECM (17) determines the level p.
https://www.rba.gov.au/publications/rdp/1995/9510/models-properties.html
Modelling Inflation in Australia
1 Nov 1995
RDP
9510
Research Discussion Paper – RDP 9510 Modelling Inflation in Australia. Gordon de Brouwer and Neil R. Ericsson. November 1995. 264. KB. The views expressed herein are those of the authors and do not necessarily reflect those of the Reserve Bank of
https://www.rba.gov.au/publications/rdp/1995/9510/
Conclusions
1 Nov 1995
RDP
9510
While it remains to be seen how the ECM will perform in the face of additional changes to the economy, continued low inflation through the 1990s appears to turn on sustained ... Justification for such inferences is founded on two counts. First, the
https://www.rba.gov.au/publications/rdp/1995/9510/conclusions.html
Appendix 3: An Alternative Model of the CPI
1 Nov 1995
RDP
9510
res. In the ECM (17), the output gap y. res. is included to capture the effect on inflation of deviations of output from potential. ... The specification in (A1) explains the data somewhat better than the ECM (17), but at the expense of slightly greater
https://www.rba.gov.au/publications/rdp/1995/9510/appendix-3.html
A Single Equation Model of Inflation
1 Nov 1995
RDP
9510
The ECM's relation to models in differences follows directly from (12) with c. ... Statistically, the ECM appears well-specified, with no rejections from the tests available.
https://www.rba.gov.au/publications/rdp/1995/9510/single-equation-model-of-inflation.html