“…For example, in choosing the CIPS test we do not constrain the adjustment speeds to the longrun equilibrium to be equal. Thus we implicitly accept the advice of Im et al (1997Im et al ( , 2003, Maddala and Wu (1999), and Koedijk et al (2011). In contrast, Papell and Theodoridis (2001) and Lopez (2008) argue in favor of the constraint.…”