Granger, C.W.J. (Clive William John)Universidad Carlos III de Madrid. Departamento de Economía2008-09-012008-09-011992-052340-5031https://hdl.handle.net/10016/2886An attempt is made to link together earlier definitions of the long-run found in micro and macro economics with recent developments in econometrics; specifically cointegration. It is suggested that the links are not strong and that most of the previous work in econometric theory has been unnecessarily over-precise. Unit root processes can be replaced by processes that approximate them without loss of interpretation. The possibility of embedding cointegration theory into a very general non linear theory is suggested. An example uses a nonIinear relationship between UK short and long run interest rate proposed by Frank Paish.application/pdfengAtribución-NoComercial-SinDerivadas 3.0 EspañaThe long-run in microeconomicsThe long-run in macroeconomicsCointegrationApproximating unit rootsCointegration in nonlinear modelsworking paperEconomíaopen access