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 …

In this study, we analyse the sustainability of fiscal policy of EU member countries within the panel cointegration and … error-correction frameworks. Unlike the previous empirical papers in this area, we apply the test for panel cointegration … panel cointegration relationship. In a next step, we search for the politico-economic factors which explain the variation in …

This paper applies the recently developed maximum-likelihood-panel cointegration method of Larsson and Lyhagen (2007 … error terms. The findings using this new method are contrasted to those from the Pedroni (1995) cointegration tests and …

developed tests and panel estimation techniques. We find that the stock of knowledge of a country, its R&D resources and the … innovation output as measured by patent applications. We first estimate a long-run cointegration relation using recently …

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 …

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