Meenagh, David (contributor); Minford, Patrick (contributor) - 2008
—1999q2 for seven
euro-area macroeconomic variables: GDP, consumption, investment, employment, the GDP de-
flator, real wages …-clearing
equation (or ‘GDP identity’). The first error is that of the Euler equation and has a standard
error of 0.5%, roughly half as … adjust them to match, say, the overall variance of GDP. Under
such a procedure it would be open to the authors to assume that …