models in economics as conditions for balanced growth, arbitrage or solvency, the empirical literature has tended to find … little evidence for them. We argue that this outcome could be due to episodic failure of cointegration, possible two …-way causality between the variables in the ratios, and cross-country error dependence due to latent factors. We propose a new system …

This paper considers estimation and inference in panel vector autoregressions (PVARs) with fixed effects when the time … derive unit root and cointegration tests in panels with short time dimension; these tests have the attractive feature that …) estimation as an alternative to our proposed ML estimator, it is shown that conventional GMM estimators based on standard …

infected cases, allowing for under-reporting. Estimation is based on a moment condition that can be derived from an agent … of lock-downs and support policies on the transmission rates. The full set of estimation results and the replication …