following the classical approach based on I(0) stationarity or I(1) cointegrating relationships, we use fractional integration/cointegration … three variables are I(1). But we only find cointegration in the presence of autocorrelated disturbances, which means that … opposed to classical cointegration, which implies long memory and slow reversion to equilibrium. This suggests that an …

countries our findings suggest the existence of a structural break. The panel results are also in favour of the RIRP …

-Bretton Woods era. The results are obtained using new non-stationary panel estimation techniques, which significantly increase the … economies. For the panel of small open economies strong evidence in favour of cointegration is found. In contrast, there is no … evidence of cointegration in a panel that consists purely of the G7 economies …