This paper expresses econometric qualms about M. D. Bordo and L. Jonung's (1981) analysis of long-run volocity. They did not recognize that, for U.S. and Canadian data, the log of velocity has a unit root. Hence, estimation of a log-level regression may produce spurious regressions. When Bordo...

This paper provides a formal test of the null hypothesis of a unit root in the log-level of labor productivity against the alternative of linear trend stationarity with a one-time structural break in the level and slope of the trend at an a priori unknown date. Using some newly developed time...