Abstract
The analysis of the dynamic behavior of macroeconomic systems is the focus of many macroeconometric studies. The question of whether business cycles are due to internal properties of the system or caused by external shocks is of particular interest. We discuss some of the problems that arise when tackling this question with standard econometric methods. An approach, based on system theoretic realization theory, is proposed as an alternative to conventional macroeconometric modelling.
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