Testing for Unit and Fractional Orders of Integration in the Trend and Seasonal Components of Us Monetary Aggregates
نویسندگان
چکیده
Monthly seasonally unadjusted data can exhibit roots with possibly fractional orders of integration, corresponding to the monthly but also to the quarterly and to the long-run or trending components of the series. In this paper we use a procedure which is suitable to test simultaneously for the order of integration of each of these components and apply it to several US monetary aggregates. JEL Classification: C15, C22
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