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Deterministic vs. Stochastic Trend in U.S. GNP, Yet Again

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NBER1996-03-01 更新2025-01-04 收录
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A sleepy consensus has emerged that U.S. GNP data are uninformative as to whether trend is better described as deterministic or stochastic. Although the distinction is not critical in some contexts, it is important for point forecasting, because the two models imply very different long-run dynamics

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1996-03-01
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