This paper applies a recent advance in panel analysis to estimate the panel cointegration and panel vector error correction models for a set of 22 OECD countries using annual data covering the period 1960-2001. We investigate the relationship between energy consumption and income using an...

This paper applies the newly developed panel cointegrated technique [R. Larsson, J. Lyhagen, M. Lothgren, Likelihood-based cointegration tests in heterogeneous panels, Econom. J. 4 (1) (2001) 109–142] that allows for multiple cointegrated relationships to empirically re-examine the long-run...

This paper examines the lead-lag relationships and the dynamic linkages among four regional house price indices in Taiwan. We employ the Johansen cointegration technique, Toda and Yamamoto’s Granger causality test, the generalized impulse response approach, and variance decomposition analysis...