This study tests for the integration of money velocity movements among the major European Union countries. For this purpose, a new test is employed that allows one to confirm or reject integration on the basis of whether or not the first largest principal component, based on deviations of...

This paper examines the role played by real oil price shocks in influencing the growth in UK GDP. Our particular interest is the possibility that asymmetries might exist in such a relationship. Using Hamilton's regime-switching estimation, we consider whether oil price shocks influence both the...