evidence of fractional cointegration for the remaining countries, i.e. Germany, Canada, the USA and the UK (where, however, the …. It is found that the null hypothesis of no cointegration cannot be rejected for Japan. In contrast, there is some … appropriate policy framework for monetary authorities in the first three countries, but not in Japan or in the UK …

, Italy and the UK). The empirical results suggest that inflation in France and Italy is nonstationary. However, while for the … parameters at each frequency separately, and adopt this framework to model quarterly prices in three European countries (France … former country this applies both to the zero and the seasonal frequencies, in the case of Italy the nonstationarity comes …

, Italy and the UK). The empirical results suggest that inflation in France and Italy is nonstationary. However, while for the … parameters at each frequency separately, and adopt this framework to model quarterly prices in three European countries (France … former country this applies both to the zero and the seasonal frequencies, in the case of Italy the nonstationarity comes …

, Italy and the UK). The empirical results suggest that inflation in France and Italy is nonstationary. However, while for the … parameters at each frequency separately, and adopt this framework to model quarterly prices in three European countries (France … former country this applies both to the zero and the seasonal frequencies, in the case of Italy the nonstationarity comes …

Using high-frequency transaction data for the three largest European markets (France, Germany and Italy), this paper …

Using high-frequency transaction data for the three largest European markets (France, Germany and Italy), this paper …