Is there a way or method to use older values (lagged) of independent variables with alternative lags to explain current value of dependent variable? For time series specific
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yes, google for "autoregressive distributed lags" or "koyck distributed lags". there's tons of info on these types of models. – mlofton Apr 09 '19 at 12:21
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Exploring relation between time series provides an example of Transfer Function Modelling which leads to equations that can be then expressed as PDL or ADL as suggested by @mlofton. A flow diagram for model building is here http://www.autobox.com/pdfs/A.pdf
It is also called an ARIMAX Model or ARMAX Model transfer function-noise modelling in R.
For a larger set of references on this site see https://stats.stackexchange.com/search?q=user%3A3382+transfer+function

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