study has employed a dynamically simulated autoregressive distributed lag (ARDL) cointegration approach, which shows a well …-specified and stable money demand in India after incorporating the inflation forecast variable as one of the essential determinants … aggregate, in the ongoing flexible inflation targeting framework, as one of the essential information or indicator variables …

The paper considers a Bayesian approach to the cointegrated VAR model with a uniform prior on the cointegration space …. Building on earlier work by Villani (2005b), where the posterior probability of the cointegration rank can be calculated … the marginal likelihood identity is used for calculating these probabilities, a point estimator of the cointegration space …