SEMIFAR models introduced in Beran (1999) provide a semiparametric modelling framework that enables the data analyst to separate deterministic and stochastic trends as well as short- and long-memory components in an observed time series. A correct distinction between these components, and in...

This paper investigates the long run relationship of real interest rates within a number of economic blocs such as Asia-Pacific, Europe, North America using cointegration analysis and vector error correction models