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AlnTT appropriate 4 lags Australia Australia's terms Blundell-Wignall and Gregory causality Cointegrated Vectors Normalised Cointegratlng Vectors Indicated EC model Economics empirical equation Estimated Cointegrated Vectors exchange rate changes exchange rate pass-through exogenously file in DXDATA foreign currency price foreign exchange market Gruen and Wilkinson import prices included In cointegratlng Instrumental Variable Intercept 1.00 Intercept 127 observations interest rate differential InTT PDIF IDIFs InXR and InTT InXR InTT PDIF J.B. Towe Karfakis lags are appropriate lags are better long-run relationship LR test Maximum lag monetary policy natural logarithms nominal exchange rate nominal US$/A null hypothesis Number of Cointegratlng number of lags observations from 1984(5 output p-value P.D. Groenewegen Phipps price level differential price of exports price of non-traded purchasing power parity reaction function real exchange rate relative price levels rsl r-2 S-JKim short-run dynamics Significance Null Alternative system involving InXR terms of trade unit root USS/AS exchange rate Variables Included W.P. Hogan