Carl Bonham
Identifying Long-run Cointegrating Relations: An Application to the Hawaii Tourism Model
Cointegration analysis has gradually appeared in the empirical tourism literature. However, the focus has been exclusively on the demand side, neglecting supply influences and risking endogeneity inconsistencies. One reason for this may be the difficulty identifying structural relationships in a system setting. We estimate a demand-supply model of Hawaii tourism using a theory-directed sequential reduction […]
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