This paper examines evidence of long- and short-run co-movement in Canadian sectoral output data. Our framework builds on a vector-error-correction representation that allows to test for and compute full-information maximum-likelihood estimates of models with codependent cycle restrictions. We...

The performance of Monte Carlo integration methods like importance-sampling or Markov-Chain Monte-Carlo procedures depends greatly on the choice of the importance- or candidate-density. Such a density must typically be "close" to the target density to yield numerically accurate results with...