international real business cycle (IRBC) models cannot reproduce this fact. We show that total factor productivity processes for the …

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 …

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 …

or sector, it is their productivity advantage on the local firm to determine the positive effect on domestic productivity … significant and robust Veblen-Gerschenkrion effect. The initial total factor productivity advantage of MNEs on local firm acts as … a stimulus for productivity growth of local firms in the same region. …

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

cointegration approaches confirm the latter through recursive estimation. The implication is that global market movements may have …We employ parametric and non-parametric cointegration to investigate the extent of integration between African stock …

relatively simple specification and estimation strategy for the cointegrated case. We show that in the cointegrated case with …

. Estimation under various hypotheses is made possible by a new estimation technique, that makes it simple to derive a number of …