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This paper develops a procedure for testing hypotheses on the full set of cointegration parameters of the I(2) model. It applies this procedure to the analysis of small-country import price determination, extending the standard empirical framework to allow for variables integrated of order two. The empirical analysis of Danish data for 1975--1995 yields a fully specified long-run structure of the I(2) model in terms of stationary pricing-to-market and inventory relations, a…

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丹麦制造业出口价格与数量关系的建模AI 解读

This article develops a structural econometric model for Danish manufacturing exports. The cointegrating relations of the model are determined to be a markup pricing relation and an export demand relation, whereas the short-run structure shows pricing-to-market effects. Both long-run and short-run pricing relations are found to be empirically constant during a period of large exchange-rate variations. The model isolates the main interactions between the foreign-trade sector,…