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Yep, that was convincing. Thank you Dim. Further, I read that in such a log-log model in differences (series not cointegrated, thus no ECM), repeated substitution might be a way to isolate a long-run effect. However, I cannot see how to apply repeated substitution with such a dlog as the dependent v...

I am wondering about the same issue as johnyboy... and as nannigia didnt sound very convinced of his answer, I wonder whether anyone else here can give some explanation? what would be the correct interpretation of b1? : - a 1% increase in X1 is associated with a b1 percent increase in Y, This explan...