This paper applies conventional tests (Johansen, 1995) and new tests (Chao and Phillips,1999) for cointegration to long{run money demand functions using Canadian data from 1872 to 1997. If cointegration is found, recently proposed tests by Quintos (1997) for stability of the cointegration rank are carried out. The paper focuses on two spans of data: one span starting in 1872, the other in 1957 ...

Refactoring Software Development Process Terminology Through the Use of Ontology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 Paul M. Clarke, Antoni Lluís Mesquida Calafat, Damjan Ekert, J.J. Ekstrom, Tatjana Gornostaja, Milos Jovanovic, Jørn Johansen, Antonia Mas, Richard Messnarz, Blanca Nájera Villar, Alexander O’Connor, Rory V. O’Connor, Mic...

This paper investigates the relationships between stock market indices and four macroeconomics variables, namely crude oil price (COP), money supply (M2), industrial production (IP) and inflation rate (IR) in China and India. The period covers in this study is between January 1999 to January 2009. Using the Augmented Dickey-Fuller unit root test, the underlying series are tested as non-stationa...

Using the Johansen cointegration technique, we find empirical evidence of long run comovements between five national stock market indexes and measures of aggregate real activity including the real oil price, real consumption, real money, and real output. Real returns on these indexes are typically related to transitory deviations from the long run relationship and to changes in the macroeconomi...

Conventional notions suggest that persistently high budget deficits give rise to inflation, which monetary policy on its own is powerless to prevent. However, empirical evidence does not provide convincing support for such a hypothesis. This paper reexamines the issue in the case of Pakistan using Johansen cointegration analysis. The empirical results suggest that in the long-run inflation is n...

Jesper Jeppesen *, Sándor Beniczky , Peter Johansen , Per Sidenius , Anders Fuglsang-Frederiksen a Department of Neurophysiology, Aarhus University Hospital, Nørrebrogade 44, 8000 Aarhus C, Denmark Department of Clinical Neurophysiology, Danish Epilepsy Centre, Visby Álle 5, 4293 Dianalund, Denmark Department of Engineering, Aarhus University, Finlandsgade 22, 8200 Aarhus N, Denmark Department ...

Abstract This essay suggests that the accountability trends explored by Stian Øby Johansen and Gisela Hirschmann in their respective monographs should be viewed as indicating emergence of a right to justification global governance. Both seek advance interdisciplinary conversation about international organizations—Johansen developing normative framework assessing quality IO mechanisms, seeking i...