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In this paper, we derive the limiting distributions of the first order serial correlation coefficient and its t-statistic, which are the basis for the non-parametric unit root tests of Phillips (1987), for polynomials of integrated processes. The resulting limiting distributions depend upon...
Persistent link: https://www.econbiz.de/10011041757
Recent years have seen a growing literature on the environmental Kuznets curve (EKC) that resorts in a large part to cointegration techniques. The EKC literature has failed to acknowledge that such regressions involve unit root nonstationary regressors and their integer powers (e.g. GDP and GDP...
Persistent link: https://www.econbiz.de/10005764153
Persistent link: https://www.econbiz.de/10012121247