Summary Critics of the Bundesbank's monetary policy recently suggested the abandonment of monetary targeting in favour of the term structure of interest rates as the main indicator of central bank policy. However, a term structure oriented policy requires a reliable link between short- and...

Zusammenfassung In einer multikointegrierten Konsumfunktion wird der Konsum durch Einkommen und Vermögen erklärt, wobei letzteres durch kumulierte Ersparnis gemessen wird. Dies impliziert, daß Einkommen und Vermögen selbst kointegriert sind, weshalb ihr Einfluß auf den Konsum nicht durch...

Summary Studying annual growth rates (seasonal differences) in case of seasonal data produces much more persistence, autocorrelation and stronger evidence in favour of a unit root than analyzing seasonal growth rates (ordinary differences). First, this statement is quantified theoretically....

Summary In this paper we compare the unemployment dynamics of the US and Germany with monthly data up to 2008. With data from 1971 on the evidence is mixed when applying descriptive methods or formal unit root tests. When allowing for fractional integration, however, we find similar results to...

Summary This paper adds to the issue of inference regarding potentially nonstationary panels where units are correlated. Recently, it has been proposed to tackle this problem by computing individual p-values and combining them to an overall joint significance. We adopt and illustrate this fairly...