Cerrato, Mario; de Peretti, Christian; Stewart, Chris - Scottish Institute for Research in Economics (SIRE) - 2008
-sectional dependence to 24 OECD and 33 non-OECD countries’ consumption-income ratios over the period 1951–2003. We apply a recently … slightly fewer OECD countries’ (61%) series exhibiting a unit root than non-OECD countries (68%). …