Escribano, ÁlvaroPeña, DanielUniversidad Carlos III de Madrid. Departamento de Estadística2009-02-172009-02-171993-04https://hdl.handle.net/10016/3680Alternative common factors representations for cointegrated vectors are studied. It is shown that dynamic factor models produce as particular cases the alternative common trend representations for cointegrated variables available in the literature, including the one of Stock and Watson(1988). Furthermore, it is proved that common factor representations with I(1) components imply cointegration. A more efficient procedure for fmding the numbers of cointegrated vectors based on this dynamic factors model is suggested.application/pdfengAtribución-NoComercial-SinDerivadas 3.0 EspañaDynamic factors modelsCointegrationCommon factorsUnit rootsVAR modelsworking paperEstadísticaopen access