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96 CHAPTER 3. THE MONETARY MODELTable 3.2: Monetary fundamentals out-of-sample forecasts of US dollarreturns with nonparametric bootstrapped p-values under cointegration.1-quarter ahead 16-quarters aheadCountry U-statistic p-value U-statistic p-valueAustralia 1.024 0.904 0.864 0.222Austria 0.984 0.013 0.837 0.131Belgium 0.999 0.424 0.405 0.001Canada 0.985 0.074 0.552 0.009Denmark 1.014 0.912 0.858 0.174Finland 1.001 0.527 0.859 0.164France 0.994 0.155 0.583 0.004Germany 0.986 0.056 0.518 0.003Great Britain 0.983 0.077 0.570 0.012Greece 1.016 0.909 1.046 0.594Italy 0.997 0.269 0.745 0.016Japan 1.003 0.579 0.996 0.433Korea 0.912 0.002 0.486 0.012Netherlands 0.986 0.041 0.703 0.032Norway 0.998 0.380 0.537 0.002Spain 0.996 0.341 0.672 0.028Sweden 0.975 0.034 0.372 0.001Switzerland 0.982 0.008 0.751 0.049Mean 0.991 0.010 0.686 0.001Median 0.995 0.163 0.688 0.001Notes: Bold face indicate statistical signiÞcance at the 10 percent level.