Detrending procedures and cointegration testing: ECM tests under structural breaks

It is well known that all the test for unit roots and cointegration depend on the deterministic elements that are in mean of the variables; constant, trend, breaks, outliers, segmented trends, etc. This is a serious inconvenient for empirical work. In this paper we analyze if those problems could be solved by forming the cointegration tests on extended models, on the components of the series obtained from trend cycle decompositions. We do that by Monte Carlo Simulations allowing for several structural breaks in the data generating process

Bootstraping cointegration tests under structural co-breaks: a robust extended ECM test

The aim of the paper is the analysis of ECM bootstrap cointegration tests under structural breaks. Classical ECM tests depend on sorne nuisance parameters, which is an undesirable feature for empirical applications. This problem is overcome by using the bootstrap ECM test, which shows good size and power properties when there are no breaks. In this paper we study the small sample properties of alternative bootstrap ECM tests under different cobreaking situations. ECM test statistics are made robust to partial cobreaking by using extended error correction models or by imposing a common factor restriction

The η−η′\eta - \eta' Mixing Angle Revisited

The value of the $\eta - \eta'$ mixing angle $\theta_P$ is phenomenologically deduced from a rather exhaustive and up-to-date analysis of data including strong decays of tensor and higher-spin mesons, electromagnetic decays of vector and pseudoscalar mesons, $J/\psi$ decays into a vector and a pseudoscalar meson, and other transitions. A value of $\theta_P$ between $-17^\circ$ and $-13^\circ$ is consistent with all the present experimental evidence and the average $\theta_P=-15.5^\circ\pm 1.3^\circ$ seems to be favoured.Comment: 17 pages, LaTeX. 2 references added, some comments on Chiral Perturbation Theor

Mixing of eta-eta' Mesons in J/psi Decays into a Vector and a Pseudoscalar Meson

The octet-singlet mixing angle $\theta_P$ in the pseudoscalar meson nonet is deduced from the rich set of accurate data on $J/\psi$ decays into a vector and a pseudoscalar meson. Corrections due to non-ideal $\omega$-$\phi$ mixing have been included for the first time and turn out to be crucial to find $\theta_P = -16.9 \pm 1.7$ degrees, which is appreciably less negative than previous results coming from similar analyses.Comment: 9 pages, LaTeX, full postscript file available via anonymous ftp at ftp://ftp.ifae.es/preprint/ft/uabft412.p

Asymmetric and time-varying error-correction: an application to labour demand in the UK

In this paper we compare the asymmetric and time-varying error-correction models that have recently been proposed, and apply these to the case of UK aggregate labour demand. The aim of the paper is to investigate the possible co-existence of time-varying adjustment on the one hand, and constant asymmetric error-correction on the other hand. We find that without allowing for time-varying adjustment variables, the asymmetric error-correction models of Granger and Lee (1989) and Escribano (1986) work well. But once the time-varying adjustment variables are included, the evidence for time-invariant asymmetric adjustment is marginal

Cointegration Testing Under Structural Breaks: A Robust Extended Error Correction Model

Publicad

Managing external knowledge flows: The moderating role of absorptive capacity.

In this paper, we argue that those firms with higher levels of absorptive capacity can manage external knowledge flows more efficiently, and stimulate innovative outcomes. We test this contention with a sample of 2265 Spanish firms, drawn from the Community Innovation Surveys (CIS) for 2000 and 2002, produced by the Spanish National Statistics Institute (INE). We find that absorptive capacity is indeed an important source of competitive advantage, especially in sectors characterized by turbulent knowledge and strong intellectual property rights protection. The implications for management practice and policy are also discussed.Absorptive capacity; Innovation; External knowledge flows;

Metallization of cyanide-modified Pt(111) electrodes with copper

The support of the University of Aberdeen is gratefully acknowledged. CW acknowledges a summer studentship from the Carnegie Trust for the Universities of Scotland.Peer reviewedPostprin