Dées, Stéphane; Holly, Sean; Pesaran, M. Hashem; … - 2007
studies are of single countries or when a multi-country framework is adopted, the
countries are treated in isolation.
We …�rm this. However, the majority of these studies are
of single countries or when a multi-country framework is adopted, the … inversely
proportional to the subjective rate of time preference. In the event where the real
long-term interest is stationary …