“…20 If all the short-run parameters are zero, the variable will be strongly exogenous. 21 It should also be noted that in models where all pairs of variables are cointegrated, the multivariate system is driven by one common stochastic trend, and therefore that multivariate systems should have n-1 cointegration vectors (Hall, Granger and Anderson, 1992). 22 This conclusion is, of course, based on asymptotic theory.…”