Spectral analysis as a tool for model discrimination: An application to international capital movements |
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Authors: | Stephen Haynes |
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Institution: | University of Oregon, Eugene and Portland, OR 97403, USA |
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Abstract: | Empirical discrimination between ‘stock’ and ‘flow’ formulations of international investment based on regression tests has consistently proved unsuccessful. By applying the new technique of model discrimination in the frequency domain, this note provides unequivocal empirical support for the stock model. |
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