A central issue of monetary policy analysis is the specification of monetary policy shocks. In a structural vector autoregressive setting there has been some controversy about which restrictions to use for identifying the shocks because standard theories do not provide enough information to...

The properties of a range of maximum eigenvalue and trace tests for the coin-tegrating rank of a vector autoregressive process are compared. The tests are all likelihood-ratio-type tests and operate under different assumptions regarding the deterministic part of the data generation process. The...