In particular, this method is used to analyze the long-run relations among PROD, NEXPR, and WD, and PROD, NEXPR, and MSLR, as well as PROD, NEXPR, and MULR.
At the same time, it is evident that PROD, MULR, and NEXPR are not cointegrated.
With the single exception of the MULR variable, this inclusion did not render the level data stationary.
Clear empirical evidence of cointegration among NEX PR , MSLR, and MULR exists.
VEC modeling provides information on the short-run relationships among any two or more cointegrated variables, such as NEXPR and WD, and NEXPR, MSLR, and MULR.
See: Gabrielle Appleby and Stephen McDonald, 'Looking at the Executive Power through the High Court's New Spectacles' (2013) 35 Sydney Law Review 253, 262 and 275; Shipra Chordia, Andrew Lynch and George Williams, ' Williams v Commonwealth - Commonwealth Executive Power and Australian Federalism' (2013) 37(1) MULR
189, 220, fn 187.