Interpretation of IRF and accumulated IRFs in VECM?

21 April 2020 0 6K Report

Hi,

Does anyone know how to interpret the impulse response functions (IRF) and accumulted IRFs (AIRF) from an VECM?

Should I only include an interpretation of the short-run terms or should I include an interpretation of the long-run term as well?

What is then the interpretation of the long-run term in the context of an IRF/AIRF?

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