Korean Abstract: 본고는 패널 분위회귀 고정효과 모형을 추정할 수 있는 새로운 추정기법(Extended two-way Fixed Effects Quantile Cointegration … use cross-sectional data. Recently, it has been applied to the cointegration models that use I(1) time series data (Xiao …. This paper considers a two-way fixed effects quantile cointegration model with I(1) macro panel data. The model extends the …