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 … theory, but only when the cointegrating relations are specified a priori based on economic theory. When estimated … alternative models, due to parameter estimation error, indicating that caution needs to be exercised when interpreting the results …

. These two effects are tested against each other in a cointegration analysis for Japan and the US from 1957 until 1997 …

. Employing Johansen's multivariate cointegration approach, it investigates for ten selected SSA countries the long-run effect of … those cases where cointegration relationships are found – estimated supply elasticities tend to lie between 0.20 and 0 …

(the DM). We use monthly data from 1975:01 to 2007:12. Applying a novel time-varying coefficient estimation approach, we …

circumstances more appropriate than the latter. What is more, they deliver results that are more in line with the economic theory …