Unit Root Investigation With Two Breaks Of Greek Velocity (1858-1938)

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Erotokritos Varelas

Keywords

Unit root, Breaks, Economic Exploration

Abstract

In the present article the time series of Greek velocity are investigated for the presence of a unit root, allowing for maximum two breaks which take place at an unknown point in time. This methodology is preferred to conventional Dickey & Fuller tests because the covered time horizon, namely from 1858 to 1938, is characterized by a number of very important events, the nature of which is either economic or historical.

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