:In this paper we mainly discuss the one-way effect causal measures which can be applied to the analysis of long- run and short- run as well as causal characteristics of dynamic economic system. We first summarized the relat2 ed concepts of cointegration , and then showed the procedure of cointegrated model identification. Based on the iden2 tified error correction model , we discussed causal measures in time domain and frequency domain. The presented Wald test of the causal measure is incorporation Johansen’s algorithm for the maximum likelihood estimates and the likelihood ratio tests. Using the Wald statistics , the paper also showed the computational algorithmof confidence- set construction for the overall causal measures. For the purposes of testing long- run or short- run characterization of causal relation , a variety of causal measures are introduced by means of the integral of the frequency-wise measure of one-way effect on specific frequency bands. In contract to the conventional tests of Granger’s non-causality which amount to testing the hypothesis of zero restriction of a certain set of autoregressive coefficients , the approach of this paper enables us to test not only Granger’s non-causality but also the strength of the one-way effect . The one-way effect causal analysis can be considered as an effective approach for the investigation of complex economic system