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-time data flow as well as parameter uncertainty and time-varying volatility. In addition, we develop a fast estimation algorithm …
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instability of euro area money demand. Our results obtained from panel estimation indicate that the observed instability of …
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cointegration framework to examine whether Chinese interest rates are driven by the Fed's policy. In a second step, we estimate a … exert relatively autonomous monetary policy. -- Chinese monetary policy ; monetary independence ; cointegration …
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This paper presents an application of the Generalised Error Correction Model (GECM) for heterogeneous factor demands based on the quadratic cost function. Using data for 26 West German manufacturing industries over the period 1976-1995, it turns out that less general specifications such as the...
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, a cointegration analysis of productivity, prices, real wages, employment, and the unemployment rate reveals two long run …
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