La Importància de les contribucions d'Engle i Granger, Premis Nobel d'Economia

Resumen

Grangers main contribution has been statistical co-integration, a process for analysing the relation that exists between two economic variables. He has also developed Grangers Causality Test to determine which of two variables influences the other, establishing their relation of dynamic dependence. Engle has worked alongside Granger and the Nobel Academy has emphasized his development of useful methods for analysing temporal series whose characteristics vary over time. However the use of techniques should not overlook their inconveniences because ethicals concerns should always override techniques. Without an ethical structure, a technique has no objective.