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RBA Glossary definition for ECM

ECM – Error-correction ratio

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Modelling Strategy and Results

31 Dec 2005 RDP 2005-12
Gianni La Cava
The Error Correction Model (ECM) specification can be derived from this static capital demand equation. ... The first model (EC1) is the standard ECM without cash flow in the formulation.
https://www.rba.gov.au/publications/rdp/2005/2005-12/modelling-strategy-results.html

Introduction

31 Dec 2005 RDP 2005-12
Gianni La Cava
This paper estimates an error correction model (ECM) of corporate investment. ... The ECM framework has the relative advantage of modelling both the short-run dynamics and long-run determinants of investment, such as real sales growth and the user cost
https://www.rba.gov.au/publications/rdp/2005/2005-12/introduction.html