elasticity, aggregation problems, error correction model JEL Codes: C22, C52, F17 Contact: Dr. Sabine Stephan Macroeconomic … unreliable elasticities could stem from aggregation problems inherent in the data. Our approach stays within the framework set …-equation bias5, model misspeciflcation6 as well as measurement errors and aggregation problems inherent in the data. In the past …