Research in macroeconomics in the last thirty years has featured, almost exclusively on two characteristics: an emphasis on the microfoundations of macroeconomics and secondly, intertemporal economics, that is, the behavior of economic actors over time. Curiously, textbooks in intermediate...

In a market-clearing labor market model, cointegration arises between labor services, real wages, and I(1) technology shocks with two cointegrating vectors in the error correction VAR from the market. Using patent data to measure technology shocks, patents are found to be I(1), they are...

A method for normalizing cointegrating vectors is proposed for cointegrated time series systems containing multiple cointegrating vectors, a method requiring that an identity matrix appear in the normalized cointegrating matrix with unit coefficients attached to the endogenous or choice...