This paper examines the validity of the permanent income hypothesis for a group of 12 African countries using cointegration procedures. Specifically, this paper utilizes the bounds cointegration test proposed by Pesaran et al. (2001) and the C/S procedure advanced by Gregory and Hansen (1996)....

This paper uses nonparametric integration and cointegration procedures to test the neutrality hypothesis for Nigeria. The broad money supply series (M2) is decomposed into anticipated and unanticipated components using the Hodrick-Prescott filter. The Breitung and Lobato-Robinson nonparametric...

Developing countries are often associated with high and persistent inflation. A clear understanding of the behavior of inflation is crucial in formulating economic stabilization policies. To this end, the present study investigates the issue of long memory in inflation rates for 21 African...