The econometric consequences of nonstationary data have wide ranging im- plications for empirical research in economics. Professor Hoffman wishes to acknowledge the support of the Fulbright-HaysThe econometric consequences of nonstationary data have wide ranging im- plications for empirical research in economics. Professor Hoffman wishes to acknowledge the support of the Fulbright-HaysThe econometric consequences of nonstationary data have wide ranging im- plications for empirical research in economics. Professor Hoffman wishes to acknowledge the support of the Fulbright-Hays