These studies showed that Box-Jenkins models could in fact be derived as univariate final
form solutions of linear structural econometric models. In theory, the pure time-series
model could always be embodied within the structure of an econometric model and in
this sense it did not present a ‘rival’ alternative to econometric modelling. This literature
further highlighted the importance of dynamic specification in econometric models and in
particular showed that econometric models that are out-performed by simple univariate
time-series models most probably suffer from specification errors.