NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Is the Spurious Regression Problem Spurious?

Bennett T. McCallum

NBER Working Paper No. 15690
Issued in January 2010

---- Acknowledgements -----

I am greatly indebted to Dennis Epple for comments, many useful discussions, and crucial help with the software. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.

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