to detect cross-member cointegration and to distinguish between international and national developments as drivers of the … long-run relation between money and its determinants. Indeed, cointegration between the common factors of the underlying … variables, i.e. cross-member cointegration, indicates that the long-run relationship is mainly driven by international …

By adopting the bounds testing for cointegration framework in Pesaran et al. (2001), this paper investigates the …-run relationship between money demand and income, expected inflation, exchange rates and gold price, regardless of M1, M2 or M2 without …

The concept of integrated stochastic processes is widely used in empirical macroeconomics; and cointegration analysis …

African States (ECOWAS). A standard money demand function is designed and estimated using a bounds testing approach to co-integration …. This divergence is informed by differences in cointegration, stability, short run and long term determinants, and error …

inflation rate is found to be a better proxy for an opportunity variable when compared to interest rate. The main implication of …

within a panel cointegration framework. Besides the total net issues, we distinguish between large, medium and small euro …

A low-inflation mystery emerged during the 2010-2019 period as the Federal Reserve struggled to hit its two percent … inflation target. This paper presents theoretical results and empirical evidence that points to the safe asset shortage as a key … reason for the low inflation during this time. Specifically, the paper shows that the safe asset shortage was part of a …

This paper evaluates the predictive out-of-sample forecasting properties of six different economic uncertainty …. The core contention is that economic uncertainty improves both forecast accuracy as well as direction-of-change forecasts … an increased relevance of certain economic uncertainty measures for forecasting growth in both real aggregate as well as …

circumstances more appropriate than the latter. What is more, they deliver results that are more in line with the economic theory …