2.。In an attempt to examine the short-run effects among agricultural futures markets, we have to assure that these markets do not exhibit co-movements in the long-run. Otherwise, we have to account for deviations of the long-run errors in our VAR framework and therefore estimate a vector error correction model (VECM). To check for the existence of a pairwise long-run relationship between futures prices for corn, cotton, and wheat, we have applied three different test procedures, viz. the unrestricted Johansen, 1988 and Johansen, 1991framework, the two-step Engle and Granger (1987) methodology, and the threshold cointegration approach proposed by Enders and Siklos (2001).6 The resulting test statistics are reported in Table 2 and clearly confirm that the null of no cointegration cannot be rejected in any case. Thus, we feel legitimized in proceeding by estimating VAR models in first differences, i.e. using the return series.
能不能翻译一下这整段呢...
3.原文中2.2. Empirical framework 这一整个部分能不能翻译一下。。原文地址:http://www.sciencedirect.com/science/article/pii/S0264999313003969
谢谢大家啦


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