COWLES FOUNDATION FOR RESEARCH IN ECONOMICS
AT YALE UNIVERSITY

Box 208281
New Haven, CT 06520-8281

COWLES FOUNDATION DISCUSSION PAPER NO. 1264

Trending Time Series and Macroeconomic Activity:
Some Present and Future Challenges

Peter C. B. Phillips

July 2000

Some challenges for econometric research on trending time series are discussed in relation to some perceived needs of macroeconomics and macroeconomic policy making.

JEL Classification: C32, C53, E10

Keywords: Breaks, growth, policy intervention, productivity, trend mechanisms, unit roots