I currently apply a VAR models with the vars package in R. There are the options to select
I searched a little but I didn't find conclusive evidence to know what
"const" exactly means.
I found this plot and I'm curious, whether
"const" means "cycle", also sometimes described as "drift"?
"trend" should be clear as a time series that is trending up- or downwards is trending. I assume most economic time series to be either constant+trend or constant?