{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,10,13]],"date-time":"2026-10-13T11:06:18Z","timestamp":1791889578663,"version":"4.3.4"},"reference-count":40,"publisher":"Wiley","issue":"4","license":[{"start":{"date-parts":[[2006,11,7]],"date-time":"2006-11-07T00:00:00Z","timestamp":1162857600000},"content-version":"vor","delay-in-days":5516,"URL":"http:\/\/onlinelibrary.wiley.com\/termsAndConditions#vor"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["J of Applied Econometrics"],"published-print":{"date-parts":[[1991,10]]},"abstract":"<jats:title>Abstract<\/jats:title><jats:p>This paper provides detailed responses to the following eight discussants of my paper \u2018To criticize the critics: an objective Bayesian analysis of stochastic trends\u2019: Gary Koop and Mark Steel; Edward Learner; In\u2010Moo Kim and G. S. Maddala; Dale J. Poirier; Peter C. Schotman and Herman K. van Dijk; James H. Stock; David DeJong and Charles H. Whiteman; and Christopher Sims. This reply puts new emphasis on the call made in the earlier paper for objective Bayesian analysis in time\u2010series; it underlines the need for a new approach, especially with regard to posterior odds testing; and it draws attention to a new methodology of Bayesian analysis developed in a recent paper by Phillips and Ploberger (1991a). Some new simulations that shed light on certain comments of the discussants are provided; new empirical evidence is reported with the extended Nelson\u2010Plosser data supplied by Schotman and van Dijk; and the new Phillips\u2010Ploberger posterior odds test is given a brief empirical illustration.<\/jats:p>","DOI":"10.1002\/jae.3950060411","type":"journal-article","created":{"date-parts":[[2007,7,12]],"date-time":"2007-07-12T15:21:08Z","timestamp":1184253668000},"page":"435-473","source":"Crossref","is-referenced-by-count":47,"title":["Bayesian routes and unit roots: De rebus prioribus semper est disputandum"],"prefix":"10.1002","volume":"6","author":[{"given":"P. C. 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H.","year":"1973","journal-title":"Journal of the American Statistical Association"},{"key":"e_1_2_1_9_1","unstructured":"DeJong D. N. andC. H.Whiteman(1989) \u2018Trends and random walks in macroeconomic time series: a reconsideration based on the likelihood principle\u2019. Working Paper No. 89\u20134 Department of Economics University of Iowa."},{"key":"e_1_2_1_9_2","unstructured":"Journal of Monetary Economics"},{"key":"e_1_2_1_10_1","unstructured":"DeJong D. N. andC. H.Whiteman(1989) \u2018Trends and cycles as unobserved components in US real GNP: a Bayesian perspective\u2019 Proceedings of the American Statistical Association Business and Economics Section pp.63\u201370."},{"key":"e_1_2_1_11_1","unstructured":"DeJong D. N. andC. H.Whiteman(1991) \u2018The temporal stability of dividends and stock prices: evidence from the likelihood function\u2019. 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Phillips andP.Schmidt(1990) \u2018Testing the null hypothesis of stationarity against the alternative of a unit root: how sure are we that economic time series have a unit root\u2019 Cowles Foundation Discussion Paper No. 979."},{"key":"e_1_2_1_19_1","doi-asserted-by":"publisher","DOI":"10.1214\/ss\/1177012253"},{"key":"e_1_2_1_20_1","doi-asserted-by":"publisher","DOI":"10.1016\/0304-3932(82)90012-5"},{"key":"e_1_2_1_21_1","first-page":"1","article-title":"Marginal densities of instrumental variables estimators in the general single equation case","volume":"2","author":"Phillips P. C. B.","year":"1983","journal-title":"Advances in Econometrics"},{"key":"e_1_2_1_22_1","doi-asserted-by":"publisher","DOI":"10.2307\/1913237"},{"key":"e_1_2_1_23_1","doi-asserted-by":"publisher","DOI":"10.1093\/biomet\/74.3.535"},{"key":"e_1_2_1_24_1","doi-asserted-by":"crossref","unstructured":"Phillips P. C. 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