pooled timeseries estimation on a forward-looking monetary model, resulting inparameter estimates which are in compliance … with the underlyingtheory. Based on a panel version of the Engle and Granger (1987) two-stepprocedure we find that the … residuals of our pooled estimated modelare stationary. This indicates that on a pooled time series levelthere is cointegration …

We study the long-run relationship between nominal exchange rates and monetary fundamentals in a quarterly panel of 18 … cointegration. The second issue is to re-examine the ability for monetary fundamentals to forecast future exchange rate returns …. Panel regression estimates and forecasts confirm that this forecasting power is significant …

impact of deviations from the long-run sustainable real exchange rate equilibrium on real economic growth rate applying panel …