In this paper, the stationarity of aggregate output is examined using the scaled variogram for a sample of twelve countries. It is argued that if the true data generating process of output is stationary around a deterministic trend with a change in mean and/or growth rate, the results of...

We use rolling cointegration tests to investigate the relationship between the Renminbi daily future spot return and the forward discount rate for the period after the currency regime reform in China in July 2005. We find that there are different regimes after this reform and that the financial...