I am looking for some techniques that would help me measure the (over-time) impact of a variable to another.
So let's say we have annual time series data for GDP for 5 countries and I wanted to see how much educational spending influences the GDP over a 20 year period. I understand the impact would not be instant so maybe a distributed lag model is required but what other methods can I use to measure that?
Relatedly, how would I measure the impact to GDP of a material increase of educational spending for one of the countries of interest?
Please assume all data is accurate and available and that I will be using R (in case you'd like to suggest some libraries).