This paper proposes a vector error correction model of five economic variables in Japan: money, income, general price, land price, and interest rate. Following Johansen's procedure, we find three unique cointegrating vectors, which are accepted by hypothesis testing. From the viewpoint of...

Genuine Savings has emerged as a widely-used indicator of sustainable development. In this paper, we use long-term data stretching back to 1870 to undertake empirical tests of the relationship between Genuine Savings (GS) and future well-being for three countries: Britain, the USA and Germany....