In this paper, we address the issue of spurious correlation in the production of health in a systematic way. Spurious … correlation entails the risk of linking health status to medical (and nonmedical) inputs when no links exist. This note first … contribution by Lichtenberg (2004), which relates longevity in the United States to pharmaceutical innovation and public health …

have mainly utilised panel-estimation methods, the tests of causal chains here are carried out in time-series settings …

processes, cointegration is a necessary condition both for consistent estimation of the parameters of the model and … compatibility between the model and the data. Tests find little support for cointegration and, together with an out …

are also reported on. The first shows that cointegration vector parameter estimation error is crucial when using VEC … alternative models, due to parameter estimation error, indicating that caution needs to be exercised when interpreting the results …

common specification, and common estimation methods, we argue that the contradictory findings can be explained by the fact …

When dealing with time series that are integrated of order one, the concept of cointegration becomes crucial for the … misspecified. This paper investigates the small sample performance of four well-known cointegration tests when a system has been …

markets. By employing parametric and nonparametric cointegration procedures, we show that the point estimates of the …