is constructed for the German monetary sector based on M3, GNP, an inflation rate, a long-term interest rate and a short …-term rate which represents the policy variable of the DBB. Moreover, import price inflation is included as an exogenous variable …

for testing the null hypothesis of no cointegration against alternatives that are fractionally cointegrated. Fractional … cointegration would imply that, although there exists a long-run relationship, the equilibrium errors exhibit slow reversion to zero …. It is found that the null hypothesis of no cointegration cannot be rejected for Japan. In contrast, there is some …

Cointegration Vectors -- A.6 Invalid SECM for Germany -- A.7 Data Sources -- List of Abbreviations -- List of Mathematical Symbols …