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I am doing impulse response and I have encountered two problems:
1. My data are I(1) and I have done cointegration and granger causality with VECM. I wonder if I should also use VECM instead of VAR for impulse response?
2. I tried to run impulse response with VECM, but I have difficulty understanding the results, please help.
My guess was that .. the non zero figures indicate the presence of an response to the variable. and the period refers to the lag????
Please let me know if I am correct or not. I would also like to know if there is anything more I can get from the results.
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The zero values on the table are interpreted as having no response to the shock.
Yes, the first column refers to the lag period.
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Did you get the answer for your question1?
I am also asking the same question.Can anybody help-any reference where it is clearly written?
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