==Long-run relationship== This structure is common to all ECM models. In practice, econometricians often first estimate the cointegration relationship (equation in levels), and then insert it into the main model (equation in differences). ==VECM== A vector error correction model (VECM) adds error correction features to a multi-factor model such as...
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http://en.wikipedia.org/wiki/Error_correction_model
A dynamic model in which 'the movement of the variables in any periods is related to the previous period's gap from long-run equilibrium.' Source: Enders, 1995 Contexts: time series; econometrics; modelling
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http://www.econterms.com/glossary.cgi?query=error-correction+model
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