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RBA Glossary definition for ECM

ECM – Error-correction ratio

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Methodology

1 Dec 1989 RDP 8910
Tracey Horton and Jenny Wilkinson
Finally, the full error correction models (ECM) are estimated. Initially four lags of each of the differenced explanators are included, and then the insignificant explanators are dropped from the equation to
https://www.rba.gov.au/publications/rdp/1989/8910/methodology.html

Results

1 Dec 1989 RDP 8910
Tracey Horton and Jenny Wilkinson
These quite different paths to the new equilibrium in response to a demand shock can be explained by there being significant lagged changes in demand and imports in the ECM for
https://www.rba.gov.au/publications/rdp/1989/8910/results.html