Chapter 6 Tables: April 27, 2001
This is an update of the tables in Chapter 6 in the 1994 book. It presents the ROW model that is part of the MC3 model. The date of the ROW model presented here is April 27, 2001.
~ means the variable is lagged one period.
* means the hypothesis of stability is rejected at the one percent level.
LHS means left hand side.

Equation 1: Estimates
Equation 2: Estimates
Equation 3: Estimates
Equation 4: Estimates
Equation 5: Estimates
Equation 6: Estimates
Equation 7: Estimates
Equation 8: Estimates
Equation 9: Estimates
Equation 10: Estimates
Equation 11: Estimates
Equation 12: Estimates
Equation 13: Estimates
Equation 14: Estimates
Equation 15: Estimates
Equation 1: Tests
Equation 2: Tests
Equation 3: Tests
Equation 4: Tests
Equation 5: Tests
Equation 6: Tests
Equation 7: Tests
Equation 8: Tests
Equation 9: Tests
Equation 10: Tests
Equation 11: Tests
Equation 12: Tests
Equation 13: Tests
Equation 14: Tests
Equation 15: Tests

Table 6a: Equation 1: Estimates 
                                                
Equation 1:  log(IM/POP) is the LHS variable                                  
                                                                              
Cty Cnst LHS-1 logPY/PM log(C+I+G)/POP RHO  SE   DW                           
                                                                              
Quarterly equations:                                                          
                                                                              
CA -0.271  0.985  0.049  0.045   0.188  0.0303   2.02                         
  (-0.70)(42.16) (1.23) (0.71)   (2.14)  1966.1-1999.4                        
                                                                              
JA -0.061  0.913  0.058  0.070     -    0.0292   1.79                         
  (-0.39)(35.94) (5.68) (1.80)           1966.1-1999.4                        
                                                                              
AU -0.895  0.735  0.123  0.418     -    0.0361   2.12                         
  (-2.47)(12.31) (3.10) (3.33)           1970.1-1999.2                        
                                                                              
FR -0.738  0.839  0.088  0.304   0.332  0.0208   2.08                         
  (-2.15)(14.79) (2.99) (2.37)   (3.00)  1971.1-1999.4                        
                                                                              
GE -0.066  0.973    -    0.044     -    0.0227   2.28                         
  (-0.77)(30.72)        (0.88)           1971.1-1999.4                        
                                                                              
IT -1.444  0.825  0.070  0.309     -    0.0365   2.06                         
  (-2.95)(17.39) (3.19) (3.37)           1971.1-1999.4                        
                                                                              
NE -0.247  0.925  0.019  0.166     -    0.0179   2.00                         
  (-0.65)(11.71) (0.50) (0.76)           1978.1-1999.2                        
                                                                              
UK -2.573  0.733  0.022  0.548     -    0.0294   1.94                         
  (-4.15)(11.81) (1.06) (4.25)           1966.1-1999.3                        
                                                                              
FI  0.125  0.928  0.053  0.052     -    0.0588   2.74                         
   (0.14)(18.40) (0.92) (0.50)           1976.1-1999.4                        
                                                                              
AS -3.357  0.754  0.141  0.578   0.286  0.0395   2.06                         
  (-3.57)(10.10) (2.79) (3.52)   (2.45)  1966.1-1999.4                        
                                                                              
SO -0.091  0.848  0.020  0.138   0.170  0.0654   2.00                         
  (-0.17)(12.96) (0.49) (1.41)   (1.65)  1961.1-1999.4                        
                                                                              
KO  0.216  0.821  0.303  0.126  -0.251  0.0522   1.93                         
   (0.59)(16.96) (5.05) (1.52)  (-2.47)  1974.1-1999.3                        
                                                                              
Cty Cnst LHS-1 logPY/PM log(C+I+G)/POP RHO  SE   DW                           
                                                                              
Annual equations:                                                             
                                                                              
BE -3.326  0.427  0.163  1.040     -    0.0376   1.68                         
  (-2.94) (2.93) (2.42) (3.43)             1962-1996                          
                                                                              
DE -3.500  0.231  0.145  1.274     -    0.0331   1.20                         
  (-5.25) (1.67) (1.89) (5.55)             1967-1998                          
                                                                              
NO  0.275  0.635  0.305  0.246     -    0.0493   1.56                         
   (0.51) (3.72) (2.68) (1.14)             1962-1998                          
                                                                              
GR -0.772  0.882  0.157  0.193     -    0.0731   2.17                         
  (-0.70) (9.27) (1.38) (0.92)             1963-1997                          
                                                                              
IR -6.671  0.403  0.509  1.297     -    0.0549   1.22                         
  (-3.46) (2.59) (4.24) (3.68)             1968-1997                          
                                                                              
PO -2.302  0.464  0.363  0.785     -    0.0940   1.19                         
  (-2.63) (2.67) (3.20) (2.94)             1962-1996                          
                                                                              
SP -2.199  0.541  0.349  0.663     -    0.0679   1.13                         
  (-1.46) (3.89) (3.98) (2.19)             1962-1998                          
                                                                              
NZ -7.825  0.526  0.233  1.192     -    0.0758   1.54                         
  (-3.66) (4.73) (2.86) (4.04)             1962-1997                          
                                                                              
SA -0.214  0.554    -    0.395     -    0.1357   0.75                         
  (-0.77) (3.59)        (2.33)             1970-1999                          
                                                                              
CO -2.269  0.312  0.289  0.838     -    0.0894   1.30                         
  (-1.12) (1.51) (1.60) (2.64)             1971-1997                          
                                                                              
SY -4.240  0.321  0.112  1.008     -    0.1385   1.27                         
  (-2.94) (1.95) (1.96) (3.75)             1965-1998                          
                                                                              
ID -0.986  0.825    -    0.441     -    0.1123   1.81                         
  (-1.67) (6.96)        (1.76)             1962-1997                          
                                                                              
PH -3.644  0.534  0.224  1.410     -    0.1686   1.96                         
  (-2.77) (3.79) (1.19) (2.94)             1962-1999                          
                                                                              
TH -2.001  0.431    -    0.945     -    0.1022   1.14                         
  (-3.34) (2.94)        (3.71)             1979-1999                          
                                                                              
CH -1.133  0.435    -    0.791     -    0.1141   1.61                         
  (-2.69) (2.78)        (2.87)             1984-1999                          
                                                                              
AR    -    0.296    -    0.535     -    0.1072   1.47                         
          (0.99)        (2.39)             1994-1999                          
                                                                              
CE -1.946  0.296    -    0.851     -    0.1136   0.76                         
  (-1.99) (1.20)        (2.69)             1979-1999                          
                                                                              
ME -2.848  0.815  0.240  0.443     -    0.1763   1.30                         
  (-1.54) (7.38) (1.30) (1.76)             1962-1997                          
                                                                              
PE    -    0.677    -    0.258     -    0.0595   1.61                         
          (4.17)        (2.06)             1992-1998
Table 6a: Equation 2: Estimates 
                                                
Equation 2:  log(C/POP) is the LHS variable                                   
                                                                              
Cty  Cnst     LHS-1     RS      RB   logY/POP A/PY*YS-1 RHO       SE     DW   
                                                                              
Quarterly equations:                                                          
                                                                              
CA  -0.233   0.802     -     -0.0014~  0.215   0.010     -      0.0080   2.15 
   (-3.29) (14.84)           (-3.97)  (4.04)  (2.11)            1966.1-1999.4 
                                                                              
JA   0.085   0.796     -     -0.0013   0.176     -    -0.216    0.0100   2.00 
    (3.30) (17.03)           (-3.15)  (3.89)         (-2.41)    1966.1-1999.4 
                                                                              
AU  -0.335   0.464     -        -      0.544     -       -      0.0141   1.88 
   (-5.67)  (6.61)                    (7.42)                    1970.1-1999.2 
                                                                              
FR   0.029   0.917     -        -      0.061     -       -      0.0073   2.24 
    (1.50) (22.47)                    (1.64)                    1971.1-1999.4 
                                                                              
GE  -0.050   0.844     -     -0.0021   0.143   0.010  -0.350    0.0098   2.06 
   (-1.09) (17.63)           (-3.63)  (2.61)  (2.05) (-3.78)    1971.1-1999.4 
                                                                              
IT  -0.432   0.734  -0.0006     -      0.300     -     0.767    0.0044   1.77 
   (-2.66) (10.70)  (-1.74)           (3.74)          (9.40)    1971.1-1999.4 
                                                                              
NE   0.019   0.915     -     -0.0026   0.061     -       -      0.0106   2.65 
    (0.49) (19.58)           (-2.68)  (1.55)                    1978.1-1999.2 
                                                                              
ST   0.080   0.768     -     -0.0023   0.152     -     0.702    0.0022   1.59 
    (1.14)  (7.04)           (-2.55)  (2.02)          (5.23)    1983.1-1998.4 
                                                                              
UK  -0.486   0.805     -     -0.0015   0.248   0.015     -      0.0102   2.31 
   (-5.10) (18.41)           (-3.89)  (4.85)  (2.59)            1966.1-1999.3 
                                                                              
FI   0.017   0.823  -0.0004     -      0.165   0.006     -      0.0100   1.66 
    (0.19) (15.80)  (-1.37)           (3.20)  (1.27)            1976.1-1999.4 
                                                                              
AS  -0.109   0.869     -     -0.0002   0.137   0.004     -      0.0071   2.08 
   (-1.17) (24.49)           (-0.70)  (3.80)  (0.97)            1966.1-1999.4 
                                                                              
SO   0.350   0.872  -0.0002~    -      0.077     -       -      0.0221   1.95 
    (1.71) (22.20)  (-0.58)           (2.37)                    1961.1-1999.4 
                                                                              
KO   0.300   0.829     -     -0.0015   0.121   0.018     -      0.0187   2.14 
    (2.50)  (9.88)           (-2.28)  (1.39)  (1.50)            1974.1-1999.3 
                                                                              
Cty  Cnst     LHS-1     RS      RB   logY/POP A/PY*YS-1 RHO       SE     DW   
                                                                              
Annual equations:                                                             
                                                                              
BE  -0.232   0.563     -        -      0.433     -       -      0.0107   1.82 
   (-2.91)  (8.58)                    (6.21)                      1962-1996   
                                                                              
DE   0.312   0.421     -     -0.0003   0.454   0.166     -      0.0188   1.46 
    (2.16)  (3.14)           (-0.26)  (4.38)  (2.76)              1967-1998   
                                                                              
NO   0.299   0.455     -        -      0.422     -       -      0.0182   1.50 
    (4.17)  (3.47)                    (4.04)                      1962-1998   
                                                                              
SW   0.415   0.567     -        -      0.308   0.322     -      0.0124   1.61 
    (4.24)  (7.80)                    (5.49)  (4.49)              1965-1998   
                                                                              
GR   0.041   0.572  -0.0008     -      0.410   0.085     -      0.0138   1.25 
    (0.24)  (2.64)  (-0.72)           (1.83)  (0.89)              1963-1997   
                                                                              
IR   1.929   0.519     -     -0.0041   0.255   0.185     -      0.0220   1.49 
    (4.10)  (3.02)           (-2.32)  (2.11)  (2.74)              1968-1997   
                                                                              
PO  -0.123   0.596     -     -0.0015   0.404   0.250     -      0.0351   2.22 
   (-0.80)  (7.23)           (-0.83)  (4.72)  (2.52)              1962-1996   
                                                                              
SP   0.090   0.479  -0.0003     -      0.476     -       -      0.0121   1.29 
    (1.47)  (5.91)  (-0.42)           (5.96)                      1962-1998   
                                                                              
NZ   0.371   0.723     -     -0.0025   0.231   0.031     -      0.0262   1.40 
    (0.44)  (7.61)           (-1.65)  (2.71)  (0.70)              1962-1997   
                                                                              
SA     -     0.870     -        -      0.072   0.100     -      0.1544   1.81 
           (12.60)                    (1.60)  (1.65)              1970-1999   
                                                                              
VE  -0.215   0.787     -        -      0.231     -       -      0.0758   1.89 
   (-0.20)  (8.62)                    (1.50)                      1962-1998   
                                                                              
CO   0.121   0.448  -0.0021     -      0.519   0.263     -      0.0180   1.86 
    (0.27)  (4.22)  (-2.96)           (4.72)  (4.21)              1971-1997   
                                                                              
SY   0.542   0.018     -        -      0.896     -       -      0.0630   1.41 
    (1.23)  (0.16)                    (8.78)                      1965-1998   
                                                                              
ID   0.224   0.089  -0.0058     -      0.682     -       -      0.0290   1.91 
    (3.13)  (0.61)  (-3.25)           (6.61)                      1962-1997   
                                                                              
MA  -0.327   0.739     -        -      0.285   0.208     -      0.0305   1.78 
   (-0.94)  (4.22)                    (2.15)  (2.69)              1972-1997   
                                                                              
PA   0.225   0.556     -        -      0.308     -       -      0.0302   1.55 
    (2.54)  (3.67)                    (2.51)                      1974-1997   
                                                                              
PH  -0.092   0.875  -0.0014     -      0.154   0.078     -      0.0204   1.93 
   (-0.48) (10.24)  (-1.34)           (2.63)  (0.82)              1962-1999   
                                                                              
TH   0.153   0.279     -        -      0.585   0.035     -      0.0219   1.89 
    (2.63)  (2.65)                    (7.52)  (0.31)              1979-1999   
                                                                              
CH  -0.331   0.302  -0.0062     -      0.624     -       -      0.0256   1.83 
   (-3.70)  (2.31)  (-1.65)           (5.31)                      1984-1999   
                                                                              
CE  -0.119   0.487     -        -      0.503     -       -      0.0406   1.46 
   (-0.45)  (5.14)                    (6.10)                      1979-1999   
                                                                              
ME   1.033   0.351     -        -      0.520     -       -      0.0258   0.90 
    (4.38)  (3.50)                    (5.90)                      1962-1997   
                                                                              
PE     -     0.546     -        -      0.439     -       -      0.0216   1.07 
            (3.64)                    (3.04)                      1992-1998
Table 6a: Equation 3: Estimates 
                                                
Equation 3:  logI is the LHS variable                                         
                                                                              
Cty  Cnst  logI-1     logY      RS         RB         SE     DW               
                                                                              
Quarterly equations:                                                          
                                                                              
CA -0.650   0.884     0.155        -     -0.0020~   0.0226   1.45             
  (-3.40) (26.62)    (3.57)              (-2.45)                  1966.1-1999.
                                                                              
JA  0.306   0.933     0.035        -     -0.0031    0.0221   1.68             
   (2.92) (32.34)    (1.07)              (-2.77)                  1966.1-1999.
                                                                              
AU  0.107   0.751     0.183        -     -0.0059    0.0458   2.28             
   (0.59) (11.81)    (2.85)              (-1.67)                  1970.1-1999.
                                                                              
FR  0.170   0.927     0.038        -     -0.0024~   0.0156   1.61             
   (2.53) (31.04)    (1.66)              (-4.15)                  1971.1-1999.
                                                                              
GE  0.016   0.915     0.068        -     -0.0050    0.0346   2.45             
   (0.13) (21.85)    (1.49)              (-1.79)                  1971.1-1999.
                                                                              
IT  0.519   0.887     0.060        -     -0.0018~   0.0156   1.07             
   (2.92) (28.53)    (3.48)              (-4.42)                  1971.1-1999.
                                                                              
NE -0.148   0.687     0.260        -     -0.0093~   0.0321   2.61             
  (-0.85)  (9.94)    (3.94)              (-3.12)                  1978.1-1999.
                                                                              
UK -0.193   0.842     0.155        -     -0.0044~   0.0262   2.14             
  (-1.37) (21.74)    (3.98)              (-4.21)                  1966.1-1999.
                                                                              
FI  0.160   0.952     0.029        -        -       0.0469   2.12             
   (0.39) (30.82)    (0.96)                                       1976.1-1999.
                                                                              
AS -0.101   0.900     0.098        -     -0.0024    0.0275   1.90             
  (-1.18) (22.68)    (2.67)              (-2.87)                  1966.1-1999.
                                                                              
SO -0.617   0.956     0.099        -     -0.0075~   0.0395   2.29             
  (-2.22) (56.18)    (2.97)              (-3.80)                  1961.1-1999.
                                                                              
KO -0.216   0.914     0.098        -        -       0.0509   1.88             
  (-0.89) (20.53)    (1.61)                                       1974.1-1999.
                                                                              
Cty  Cnst  logI-1     logY      RS         RB         SE     DW               
                                                                              
Annual equations:                                                             
                                                                              
BE -0.153   0.725     0.268        -     -0.0245    0.0513   1.99             
  (-0.52)  (7.96)    (3.16)              (-4.47)                    1962-1996 
                                                                              
DE  1.233   0.652     0.104        -     -0.0131    0.0707   1.76             
   (2.11)  (5.65)    (1.35)              (-3.19)                    1967-1998 
                                                                              
SW  0.488   0.720     0.150     -0.0017     -       0.0591   1.21             
   (1.10)  (5.79)    (1.66)     (-0.40)                             1965-1998 
                                                                              
GR  1.115   0.758     0.094        -        -       0.0851   1.52             
   (2.65)  (7.03)    (1.15)                                         1963-1997 
                                                                              
IR  0.410   0.663     0.247        -        -       0.0836   1.40             
   (0.85)  (5.30)    (2.42)                                         1968-1997 
                                                                              
PO -0.722   0.457     0.563        -     -0.0105    0.0638   1.21             
  (-1.96)  (3.56)    (4.22)              (-3.33)                    1962-1996 
                                                                              
SP -0.006   0.764     0.214     -0.0080     -       0.0580   1.13             
  (-0.02)  (8.44)    (2.05)     (-2.65)                             1962-1998 
                                                                              
NZ -1.448   0.654     0.432        -     -0.0078    0.0862   1.27             
  (-1.69)  (5.30)    (2.87)              (-1.64)                    1962-1997 
                                                                              
SA -0.367   0.726     0.269        -        -       0.1714   1.69             
  (-0.46)  (6.16)    (1.31)                                         1970-1999 
                                                                              
VE -2.357   0.572     0.627     -0.0053     -       0.1554   1.15             
  (-1.92)  (5.00)    (3.00)     (-2.49)                             1962-1998 
                                                                              
CO -2.888   0.543     0.658     -0.0028     -       0.0793   1.44             
  (-2.19)  (3.58)    (2.89)     (-0.80)                             1971-1997 
                                                                              
JO -1.822   0.506     0.637        -        -       0.1416   1.14             
  (-0.60)  (1.82)    (1.17)                                         1987-1998 
                                                                              
SY -1.349   0.710     0.364        -        -       0.1726   1.26             
  (-1.28)  (5.97)    (2.06)                                         1965-1998 
                                                                              
ID -2.170   0.558     0.611        -        -       0.0455   1.41             
  (-3.71)  (4.66)    (3.77)                                         1962-1997 
                                                                              
MA -1.979   0.637     0.502        -        -       0.0982   0.77             
  (-2.32)  (4.66)    (2.66)                                         1972-1997 
                                                                              
PA -0.408   0.637     0.336        -        -       0.0552   1.67             
  (-1.02)  (5.53)    (2.44)                                         1974-1997 
                                                                              
PH -0.964   0.737     0.381     -0.0169     -       0.1034   1.16             
  (-1.82)  (6.97)    (2.61)     (-3.77)                             1962-1999 
                                                                              
TH  0.109   0.792     0.168        -        -       0.1637   0.81             
   (0.09)  (3.10)    (0.48)                                         1979-1999 
                                                                              
CH -1.535   0.340     0.767     -0.0074     -       0.0892   0.89             
  (-1.55)  (1.12)    (2.11)     (-0.55)                             1984-1999 
                                                                              
ME -0.182   0.551     0.412        -        -       0.1084   1.36             
  (-0.30)  (4.34)    (3.02)                                         1962-1997 
                                                                              
PE    -     0.719     0.251        -        -       0.1215   1.78             
           (3.61)    (1.47)                                         1992-1998
Table 6a: Equation 4: Estimates 
                                                
Equation 4:  Y is the LHS variable                                            
                                                                              
Cty  Y-1      X       V-1     RHO     q     a     b     SE     DW             
                                                                              
Quarterly equations:                                                          
                                                                              
CA  0.342   0.755  -0.2778   0.937  0.658 0.422 0.350  713.65  2.32           
   (6.28) (12.83)  (-3.81) (22.87)                    1966.1-1999.4           
                                                                              
JA  0.125   0.923  -0.0839   0.516  0.875 0.096 0.570  236.66  2.03           
   (4.10) (30.56)  (-7.06)  (6.74)                    1966.1-1999.4           
                                                                              
AU  0.531   0.484  -0.0095   0.190  0.469 0.020 1.596    4.09  1.98           
   (6.27)  (5.64)  (-2.33)  (1.66)                    1970.1-1999.2           
                                                                              
FR  0.352   0.679  -0.1453   0.941  0.648 0.224 0.212    5.70  2.26           
   (6.60) (12.03)  (-2.21) (17.76)                    1971.1-1999.4           
                                                                              
GE  0.184   0.823  -0.0119   0.709  0.816 0.015 0.617    3.06  2.12           
   (5.40) (23.16)  (-0.40)  (8.74)                    1971.1-1999.4           
                                                                              
IT  0.408   0.602  -0.0055   0.477  0.592 0.009 1.802 2109.58  2.01           
   (2.93)  (4.32)  (-1.00)  (4.12)                    1971.1-1999.4           
                                                                              
UK  0.284   0.746  -0.0772   0.517  0.716 0.108 0.395  781.92  2.15           
   (4.41) (11.18)  (-2.80)  (5.55)                    1966.1-1999.3           
                                                                              
AS  0.317   0.694  -0.0323   0.421  0.683 0.047 0.339  641.89  2.00           
   (3.33)  (7.25)  (-1.28)  (3.71)                    1975.1-1999.4           
                                                                              
KO  0.248   0.772  -0.1673   0.977  0.752 0.223 0.119  845.76  2.04           
   (3.08)  (8.04)  (-1.96) (14.41)                    1974.1-1999.3           
                                                                              
Cty  Y-1      X       V-1     RHO     q     a     b     SE     DW             
                                                                              
Annual equations:                                                             
                                                                              
NO  0.441   0.598  -0.0466     -    0.559 0.083 0.819    8.03  0.83           
   (4.14)  (5.67)  (-1.34)                              1962-1998             
                                                                              
SW  0.201   0.810  -0.0539     -    0.799 0.067 0.198   16.75  0.89           
   (1.56)  (6.41)  (-1.01)                              1965-1998             
                                                                              
GR  0.394   0.631  -0.1545     -    0.606 0.255 0.159  246.00  1.51           
   (4.55)  (7.59)  (-3.35)                              1963-1997             
                                                                              
IR  0.139   0.909  -0.1760     -    0.861 0.204 0.274  269.68  1.49           
   (2.09) (14.97)  (-3.03)                              1968-1997             
                                                                              
SP  0.048   0.995  -0.1888     -    0.952 0.198 0.226  187.16  1.58           
   (1.33) (30.04)  (-7.81)                              1962-1998             
                                                                              
NZ  0.071   0.962  -0.0883     -    0.929 0.095 0.366  981.53  2.04           
   (1.37) (19.31)  (-2.24)                              1962-1997             
                                                                              
VE  0.146   0.903  -0.1127     -    0.854 0.132 0.434  292.80  1.45           
   (0.97)  (6.18)  (-1.92)                              1962-1998             
                                                                              
CO  0.240   0.803  -0.0575     -    0.760 0.076 0.747  532.87  1.70           
   (2.03)  (6.93)  (-2.52)                              1971-1997             
                                                                              
MA  0.163   0.857  -0.1000     -    0.837 0.119 0.197 1415.17  1.83           
   (1.62)  (9.41)  (-0.70)                              1972-1997
Table 6a: Equation 5: Estimates 
                                                
Equation 5:  logPY is the LHS variable                                        
                                                                              
Cty  Cnst   logPY-1  logW    logPM      DP        T       RHO     SE     DW   
                                                                              
Quarterly equations:                                                          
                                                                              
CA  0.073    0.725   0.208   0.031  -0.14387~ -0.00031   0.736  0.0051   2.15 
   (2.37)   (7.75)  (3.12)  (1.35)   (-2.87)   (-1.66)  (8.52)  1966.1-1999.4 
                                                                              
JA -0.002    0.885   0.054   0.011   0.00054~  0.00001   0.256  0.0071   1.84 
  (-0.11)  (27.00)  (2.71)  (2.24)    (3.56)    (0.13)  (2.95)  1966.1-1999.4 
                                                                              
AU -0.055    0.941     -     0.021~ -0.09452~  0.00038  -0.362  0.0092   2.02 
  (-1.71)  (41.28)          (1.72)   (-3.18)    (1.98) (-4.07)  1970.1-1999.2 
                                                                              
FR -0.019    0.844   0.086   0.019~ -0.06938~  0.00013   0.270  0.0044   1.96 
  (-1.15)  (27.18)  (3.42)  (2.21)   (-2.34)    (1.39)  (2.84)  1971.1-1999.4 
                                                                              
GE  0.003    0.963     -     0.017~ -0.11122~  0.00002  -0.511  0.0059   2.00 
   (0.27)  (76.96)          (3.41)   (-4.25)    (0.33) (-6.09)  1971.1-1999.4 
                                                                              
IT -0.103    0.905   0.025   0.034  -0.19976   0.00076   0.403  0.0052   1.92 
  (-3.88)  (29.48)  (0.81)  (4.25)   (-5.02)    (4.70)  (4.53)  1971.1-1999.4 
                                                                              
NE -0.142    0.698   0.093   0.056      -      0.00081     -    0.0064   1.61 
  (-2.41)   (9.13)  (1.13)  (4.16)              (2.37)          1978.1-1999.2 
                                                                              
ST  0.016    0.985     -       -    -0.11705~ -0.00002   0.606  0.0019   1.39 
   (0.62)  (41.42)                   (-4.72)   (-0.10)  (5.41)  1983.1-1998.4 
                                                                              
UK  0.209    0.835   0.145   0.047~ -0.29497~ -0.00104   0.253  0.0080   2.09 
   (5.07)  (29.69)  (4.87)  (4.70)   (-5.05)   (-4.36)  (2.82)  1966.1-1999.3 
                                                                              
FI -0.013    0.960     -     0.017  -0.05202~  0.00014     -    0.0090   2.07 
  (-0.53)  (71.02)          (1.86)   (-2.53)    (0.95)          1976.1-1999.4 
                                                                              
AS  0.146    0.942   0.076   0.004  -0.13110~ -0.00076  -0.403  0.0136   2.08 
   (5.21)  (36.58)  (2.96)  (0.35)   (-3.57)   (-4.40) (-4.97)  1966.1-1999.4 
                                                                              
SO -0.145    0.934     -     0.038~     -      0.00094     -    0.0193   2.17 
  (-3.51)  (81.30)          (3.95)              (4.13)          1961.1-1999.4 
                                                                              
KO  0.160    0.619   0.160   0.160      -     -0.00087   0.213  0.0128   1.76 
   (2.49)  (11.04)  (6.33)  (5.32)             (-2.38)  (1.77)  1974.1-1999.3 
                                                                              
Cty  Cnst   logPY-1  logW    logPM      DP        T       RHO     SE     DW   
                                                                              
Annual equations:                                                             
                                                                              
BE -0.183    0.778     -     0.101  -0.27988~  0.00693     -    0.0112   0.77 
  (-2.63)  (15.44)          (4.57)   (-9.95)    (3.51)            1962-1996   
                                                                              
DE  0.085    0.882     -     0.112  -0.38052~ -0.00125     -    0.0140   0.98 
   (1.45)  (18.37)          (3.60)   (-4.46)   (-0.73)            1967-1998   
                                                                              
NO -0.226    0.713     -     0.193  -0.38566~  0.00829     -    0.0231   1.29 
  (-1.83)   (7.12)          (2.52)   (-3.67)    (2.35)            1962-1998   
                                                                              
SW  0.361    0.831   0.184   0.076  -0.28576~ -0.00880     -    0.0139   1.64 
   (2.59)  (13.56)  (1.86)  (3.37)   (-2.65)   (-2.12)            1965-1998   
                                                                              
GR  0.202    0.749   0.165   0.068  -0.77125~ -0.00174     -    0.0204   1.66 
   (1.29)  (36.77)  (2.44)  (1.18)   (-3.85)   (-0.38)            1963-1997   
                                                                              
IR  0.112    0.523   0.339   0.068~ -0.11674~ -0.00224     -    0.0211   1.67 
   (1.02)   (5.38)  (5.03)  (1.12)   (-0.84)   (-0.75)            1968-1997   
                                                                              
PO -0.005    0.795     -     0.185  -0.20643~  0.00533     -    0.0226   1.46 
  (-0.03)  (18.58)          (9.14)   (-1.93)    (1.38)            1962-1996   
                                                                              
SP  0.192    0.708   0.209   0.049~ -0.41855~ -0.00410     -    0.0120   1.78 
   (2.70)  (24.31) (18.15)  (2.83)   (-5.83)   (-2.09)            1962-1998   
                                                                              
NZ -0.153    0.787     -     0.149  -0.32996~  0.00640     -    0.0480   1.48 
  (-0.77)   (8.88)          (2.81)   (-1.81)    (1.21)            1962-1997   
                                                                              
CO -2.969    0.540     -     0.082~ -0.59529   0.08542     -    0.0371   2.00 
  (-2.73)   (4.90)          (1.34)   (-1.59)    (2.90)            1971-1997   
                                                                              
JO -0.465    0.310     -     0.321      -      0.01318     -    0.0257   1.86 
  (-1.75)   (2.09)          (5.38)              (1.81)            1987-1998   
                                                                              
SY -0.138    0.889     -     0.099      -      0.00603     -    0.0719   1.25 
  (-0.38)  (12.99)          (2.13)              (0.61)            1965-1998   
                                                                              
MA -0.744    0.282     -     0.284  -0.18744   0.02085     -    0.0344   1.76 
  (-4.04)   (1.85)          (3.86)   (-1.44)    (4.25)            1972-1997   
                                                                              
PA  0.400    0.809     -     0.244  -0.36030~ -0.00858     -    0.0269   1.30 
   (0.95)   (7.60)          (2.97)   (-1.28)   (-0.76)            1974-1997   
                                                                              
PH -0.301    0.682     -     0.228  -0.25007~  0.00976     -    0.0508   1.51 
  (-0.84)   (7.90)          (5.61)   (-1.05)    (1.03)            1962-1999   
                                                                              
TH -0.466    0.422     -     0.222  -0.18104   0.01353     -    0.0137   2.83 
  (-3.05)   (4.70)          (6.13)   (-4.36)    (3.26)            1979-1999   
                                                                              
CH -0.908    0.688     -       -    -0.67643   0.02635     -    0.0583   0.52 
  (-1.18)   (2.95)                   (-1.49)    (1.29)            1984-1999   
                                                                              
CE  0.006    0.679     -     0.289  -0.29450~  0.00080     -    0.0523   1.55 
   (0.01)   (6.39)          (3.51)   (-1.00)    (0.07)            1979-1999   
                                                                              
ME  0.172    0.476     -     0.520  -0.31291   0.00377     -    0.0471   1.38 
   (0.68)  (16.00)         (20.40)   (-1.81)    (0.68)            1962-1997
Table 6a: Equation 6: Estimates 
                                                
Equation 6:  log[M1/(POP*PY)] is the LHS variable                             
                                                                              
Cty  Cnst  LHS-1 log[M1-1/    RS   logY/POP  RHO       SE     DW              
                  (POP-1*PY)]                                                 
Quarterly equations:                                                          
                                                                              
CA -0.005     -     0.902  -0.0063   0.100     -     0.0430  2.33             
  (-0.03)         (32.73)  (-3.46)  (2.84)                       1966.1-1999.4
                                                                              
JA  0.202   0.965     -    -0.0050   0.010     -     0.0208  2.20             
   (4.23) (57.89)          (-6.26)  (0.54)                       1966.1-1999.4
                                                                              
AU  0.109     -     0.967  -0.0021   0.009   0.183   0.0200  2.02             
   (2.02)         (31.56)  (-1.53)  (0.33)  (1.85)               1970.1-1998.3
                                                                              
GE -0.141     -     0.895  -0.0041   0.172   0.407   0.0114  2.10             
  (-1.58)         (21.26)  (-4.28)  (2.24)  (3.71)               1971.1-1998.4
                                                                              
NE -0.455     -     0.782  -0.0052   0.428     -     0.0159  1.84             
  (-3.10)         (12.44)  (-4.08)  (3.42)                       1978.1-1998.4
                                                                              
ST  0.257     -     0.896  -0.0078   0.023  -0.314   0.0274  1.85             
   (1.32)         (28.40)  (-4.85)  (0.33) (-2.49)               1983.1-1998.4
                                                                              
AS -0.461     -     0.900  -0.0058   0.154     -     0.0218  1.86             
  (-4.38)         (52.59)  (-5.76)  (6.07)                       1966.1-1999.4
                                                                              
KO -0.042     -     0.858     -      0.127     -     0.0616  2.20             
  (-0.28)         (14.40)           (1.90)                       1974.1-1999.3
                                                                              
Cty  Cnst  LHS-1 log[M1-1/    RS   logY/POP  RHO       SE     DW              
                  (POP-1*PY)]                                                 
Annual equations:                                                             
                                                                              
BE  0.564   0.731     -    -0.0113   0.128     -     0.0501  1.61             
   (1.30)  (6.33)          (-2.72)  (2.44)                         1962-1996  
                                                                              
DE -0.933     -     0.680  -0.0077   0.441     -     0.0531  2.36             
  (-2.16)          (8.24)  (-2.27)  (3.16)                         1967-1998  
                                                                              
PO -0.829   0.925     -    -0.0072   0.204     -     0.1415  1.67             
  (-1.21)  (9.04)          (-1.35)  (1.29)                         1962-1996  
                                                                              
SP  0.003   0.785     -    -0.0090   0.192     -     0.0502  1.20             
   (0.01)  (9.64)          (-4.08)  (2.54)                         1964-1998  
                                                                              
NZ  1.384     -     0.725  -0.0030   0.089     -     0.0772  1.23             
   (0.97)          (8.35)  (-0.68)  (0.76)                         1962-1997  
                                                                              
VE -4.375   0.629     -    -0.0051   0.950     -     0.1524  2.15             
  (-2.06)  (6.51)          (-3.40)  (2.66)                         1962-1998  
                                                                              
ID -0.950     -     0.509     -      0.539     -     0.0485  1.96             
  (-3.77)          (3.77)           (4.14)                         1962-1997  
                                                                              
PA -0.932     -     0.319  -0.0155   0.768     -     0.0530  1.63             
  (-2.91)          (1.91)  (-2.22)  (3.80)                         1974-1997  
                                                                              
PH -0.522     -     0.800  -0.0085   0.281     -     0.0800  1.99             
  (-1.61)          (7.85)  (-2.21)  (2.63)                         1962-1999
Table 6a: Equation 7: Estimates 
                                                
Equation 7:  RS is the LHS variable                                           
                                                                              
Cty Cnst   RS-1   PCPY    ZZ   JJS S/(PY*YS)  GERS  USRS  RHO     SE      DW  
                                                                              
Quarterly equations:                                                          
                                                                              
CA -0.12  0.754    -    -13.4     -      -     -     0.37    -    0.853   1.66
 (-0.54)(19.03)       (-3.63)                      (6.93)        1972.2-1999.4
                                                                              
JA -0.17  0.823  0.114   -6.7     -      -     -     0.12  0.350  0.640   2.02
 (-0.54)(18.37) (5.03)(-1.08)                      (2.59)  (3.31)1972.2-1999.4
                                                                              
AU  0.18  0.751  0.037     -      -      -    0.15   0.05    -    0.762   1.55
  (0.69)(11.90) (1.23)                      (2.60) (1.56)        1972.2-1998.4
                                                                              
FR -0.33  0.733  0.039     -      -      -    0.22   0.16    -    0.870   1.57
 (-1.17)(17.89) (1.45)                      (4.82) (3.52)        1972.2-1998.4
                                                                              
GE  0.12  0.836  0.026  -22.2     -      -     -     0.20    -    0.796   1.89
  (0.49)(23.17) (1.71)(-5.38)                      (5.11)        1972.2-1998.4
                                                                              
IT-60.23  0.700  0.203     -    62.4     -     -      -    0.336  1.130   1.99
 (-2.85)(10.81) (5.31)        (2.89)                       (2.83)1972.2-1998.4
                                                                              
NE -0.08  0.549    -    -27.8     -      -    0.34   0.19    -    0.903   1.85
 (-0.25) (5.96)       (-3.89)               (3.70) (4.18)        1978.1-1998.4
                                                                              
ST  0.33  0.929    -     -5.3     -      -     -      -    0.301  0.603   1.99
  (1.09)(16.26)       (-0.68)                              (2.14)1983.1-1998.4
                                                                              
UK-28.57  0.766  0.025     -    28.9     -     -     0.27    -    0.996   1.54
 (-3.57)(16.87) (1.48)        (3.64)               (4.79)        1972.2-1999.3
                                                                              
FI -0.12  0.934    -       -      -      -     -     0.10  0.154  1.020   1.97
 (-0.27)(23.64)                                    (2.01)  (1.36)1976.1-1998.4
                                                                              
AS  0.13  0.910    -     -9.9     -      -     -     0.14    -    1.112   1.90
  (0.38)(27.47)       (-1.61)                      (2.89)        1972.2-1999.4
                                                                              
SO  1.09  0.918    -    -19.8     -      -     -     0.07  0.394  1.123   2.03
  (1.15)(21.58)       (-2.38)                      (0.91)  (3.75)1972.2-1999.4
                                                                              
KO  2.02  0.823  0.085  -20.7     -      -     -     0.05    -    1.713   1.57
  (2.80)(15.14) (3.25)(-3.98)                      (0.67)        1974.1-1999.3
                                                                              
Cty Cnst   RS-1   PCPY    ZZ   JJS S/(PY*YS)  GERS  USRS  RHO     SE      DW  
                                                                              
Annual equations:                                                             
                                                                              
BE  0.32  0.444    -       -      -      -    0.59    -      -    1.546   2.21
  (0.28) (3.35)                             (4.36)                 1972-1996  
                                                                              
DE  0.86  0.628    -       -      -      -    0.48    -      -    2.530   2.16
  (0.51) (4.38)                             (2.22)                 1972-1998  
                                                                              
NO  0.09  0.752    -       -      -      -    0.13   0.23    -    1.754   2.17
  (0.07) (7.00)                             (0.81) (1.47)          1972-1998  
                                                                              
SW -0.56  0.726    -       -      -      -     -     0.43    -    1.925   2.46
 (-0.40) (6.17)                                    (2.99)          1972-1998  
                                                                              
IR  3.31    -    0.153     -      -      -    0.20   0.71    -    1.921   2.15
  (2.69)        (2.29)                      (1.12) (3.96)          1972-1997  
                                                                              
PO -0.70  0.772  0.337  -32.3     -      -     -      -      -    2.807   1.79
 (-0.42) (7.30) (3.75)(-1.74)                                      1972-1996  
                                                                              
SP  1.95  0.549  0.189     -      -      -     -     0.21    -    3.017   2.41
  (0.93) (3.03) (1.68)                             (0.74)          1972-1998  
                                                                              
NZ  1.33  0.724  0.208     -      -      -     -      -      -    2.659   1.74
  (0.89) (6.34) (2.80)                                             1972-1997  
                                                                              
ID  3.21  0.531  0.164     -      -      -     -      -      -    3.045   1.54
  (1.23) (2.86) (1.15)                                             1972-1997  
                                                                              
PA  2.34  0.584  0.147     -      -      -     -      -      -    1.280   2.49
  (1.59) (3.69) (2.67)                                             1974-1997  
                                                                              
PH  1.12  0.684  0.160     -      -      -     -     0.31    -    2.888   1.44
  (0.40) (5.36) (2.63)                             (1.33)          1972-1999
Table 6a: Equation 8: Estimates 
                                                
Equation 8:  RB - RS-2 is the LHS variable                                    
                                                                              
Cty Cnst RB-1-RS-2 RS-RS-2 RS-1-RS-2 RHO      SE     DW                       
                                                                              
Quarterly equations:                                                          
                                                                              
CA  0.100   0.917   0.350  -0.289     -     0.4446   2.02                     
   (2.06) (34.97)  (5.00) (-3.21)                         1966.1-1999.4       
                                                                              
JA  0.020   0.907   0.455  -0.499     -     0.3954   2.15                     
   (0.53) (27.72)  (4.58) (-3.35)                         1966.1-1999.4       
                                                                              
AU  0.087   0.927   0.310  -0.160   0.400   0.2703   1.96                     
   (1.33) (28.06)  (5.91) (-3.07)  (3.90)                 1970.1-1998.4       
                                                                              
FR  0.057   0.892   0.271  -0.109   0.371   0.4007   1.98                     
   (0.78) (16.37)  (3.11) (-1.32)  (3.32)                 1971.1-1998.4       
                                                                              
GE  0.045   0.954   0.269  -0.228     -     0.4250   1.59                     
   (0.81) (33.23)  (3.75) (-2.47)                         1971.1-1999.4       
                                                                              
IT -0.071   0.763   0.337  -0.184   0.467   0.5683   2.00                     
  (-0.70) (11.46)  (5.30) (-2.50)  (4.23)                 1971.1-1998.4       
                                                                              
NE  0.063   0.921   0.230  -0.123     -     0.4083   1.74                     
   (1.03) (28.28)  (3.85) (-1.85)                         1978.1-1998.4       
                                                                              
ST -0.002   0.963   0.400  -0.375     -     0.2515   1.94                     
  (-0.06) (39.92)  (5.85) (-3.81)                         1983.1-1998.4       
                                                                              
UK  0.032   0.963   0.411  -0.436     -     0.5044   1.59                     
   (0.64) (43.35)  (4.80) (-3.91)                         1966.1-1999.3       
                                                                              
AS  0.067   0.942   0.297  -0.224     -     0.4970   1.75                     
   (1.27) (30.08)  (3.88) (-2.55)                         1966.1-1999.4       
                                                                              
SO  0.117   0.965   0.427  -0.565     -     0.5240   1.70                     
   (2.05) (49.49)  (5.28) (-4.83)                         1961.1-1999.4       
                                                                              
Cty Cnst RB-1-RS-2 RS-RS-2 RS-1-RS-2 RHO      SE     DW                       
                                                                              
Annual equations:                                                             
                                                                              
BE  0.561   0.752   0.397     -       -     0.7748   1.58                     
   (1.97)  (6.63)  (5.20)                                   1962-1996         
                                                                              
DE  0.294   0.751   0.429     -       -     1.3639   1.67                     
   (0.92)  (5.54)  (4.15)                                   1967-1998         
                                                                              
NO  0.002   0.855   0.438     -       -     0.6861   1.66                     
   (0.01)  (7.87)  (5.49)                                   1962-1998         
                                                                              
IR  0.535   0.522   0.477     -       -     1.2796   1.48                     
   (1.92)  (3.90)  (5.57)                                   1968-1997         
                                                                              
PO  0.154   0.721   0.420     -       -     1.4813   1.72                     
   (0.60)  (6.30)  (4.68)                                   1962-1996         
                                                                              
NZ -0.259   0.745   0.383     -       -     1.0486   2.33                     
  (-1.16)  (6.25)  (4.87)                                   1962-1997         
                                                                              
PA -0.044   0.914  -0.058     -       -     0.8887   2.03                     
  (-0.24) (11.61) (-0.49)                                   1974-1997         
                                                                              
TH -0.071   0.772   0.366     -       -     1.1931   1.75                     
  (-0.27)  (6.22)  (4.68)                                   1979-1999
Table 6a: Equation 9: Estimates 
                                                
Equation 9:  log(E/E-1) or log(H/H-1) is the LHS variable                     
                                                                              
Cty Cnst  log(p/E-1)   log r   log s-1    RHO       SE      DW                
             or         or       or                                           
          log(p`/H-1)  log r`  log s`-1)                                      
                                                                              
Quarterly equations:                                                          
                                                                              
CA   0.011    0.033   -0.708      -      0.305     0.0160   1.99              
    (1.90)   (1.27)  (-1.13)            (3.06)                   1972.2-1999.4
                                                                              
JA  -0.114    0.050   -1.499      -      0.329     0.0516   1.92              
  (-13.46)           (-1.37)            (3.44)                   1972.2-1999.4
                                                                              
AU   0.103    0.050      -        -      0.790     0.0049   2.57              
   (45.55)                              (9.91)                   1972.2-1998.4
                                                                              
FR   0.310    0.242      -        -      0.534     0.0212   2.40              
    (1.44)   (1.41)                     (2.41)                   1972.2-1998.4
                                                                              
GE  -0.625    0.096   -2.099      -      0.327     0.0494   1.99              
   (-1.84)   (1.81)  (-1.69)            (2.86)                   1972.2-1998.4
                                                                              
IT   0.364    0.050      -        -      0.437     0.0337   2.11              
   (62.70)                              (3.93)                   1972.2-1998.4
                                                                              
NE   0.006    0.050   -0.142      -        -       0.0046   1.59              
   (11.50)           (-0.71)                                     1978.1-1998.4
                                                                              
ST  -0.012    0.047      -        -        -       0.0179   1.81              
   (-1.40)   (1.36)                                              1983.1-1998.4
                                                                              
UK   0.315    0.050   -0.625      -        -       0.0448   1.40              
   (42.81)           (-0.86)                                     1972.2-1999.3
                                                                              
FI   1.681    0.208   -1.411      -      0.672     0.0301   2.27              
    (1.09)   (1.09)  (-0.73)            (2.69)                   1976.1-1998.4
                                                                              
AS   0.043    0.137      -        -      0.436     0.0392   2.28              
    (1.83)   (1.66)                     (2.25)                   1972.2-1999.4
                                                                              
SO   0.120    0.069      -        -        -       0.0575   1.63              
    (2.12)   (1.80)                                              1972.2-1999.4
                                                                              
KO   0.009    0.183   -0.939      -      0.396     0.0494   1.89              
    (0.48)   (1.59)  (-0.66)            (1.90)                   1974.1-1999.3
                                                                              
Cty Cnst  log(p/E-1)   log r   log s-1    RHO       SE      DW                
             or         or       or                                           
          log(p`/H-1)  log r`  log s`-1)                                      
                                                                              
Annual equations:                                                             
                                                                              
BE   0.175    0.052      -        -        -       0.0321   1.32              
    (0.50)   (0.46)                                                1972-1996  
                                                                              
DE   0.090    0.050      -        -        -       0.0291   1.02              
   (16.13)                                                         1972-1998  
                                                                              
NO   0.280    0.188      -        -        -       0.0488   1.58              
    (1.83)   (1.65)                                                1972-1998  
                                                                              
SW   0.613    0.404      -        -        -       0.0654   1.90              
    (3.01)   (2.81)                                                1972-1998  
                                                                              
GR   1.432    0.265      -        -        -       0.0652   1.10              
    (1.84)   (1.69)                                                1972-1997  
                                                                              
IR   0.347    0.050      -        -        -       0.0641   0.86              
   (27.55)                                                         1972-1997  
                                                                              
PO   0.316    0.050      -        -        -       0.0974   0.76              
   (16.22)                                                         1972-1996  
                                                                              
SP   0.386    0.075      -        -        -       0.0735   1.34              
    (0.75)   (0.64)                                                1972-1998  
                                                                              
NZ   0.070    0.050   -1.873      -        -       0.0966   0.93              
    (2.55)           (-0.97)                                       1972-1997  
                                                                              
VE  -0.860    0.498      -        -        -       0.2400   0.95              
   (-2.01)   (2.45)                                                1972-1998  
                                                                              
JO  -0.147    0.410      -        -        -       0.1022   1.26              
   (-1.74)   (2.61)                                                1987-1998  
                                                                              
PH  -1.347    0.393      -        -        -       0.0995   1.09              
   (-2.36)   (2.47)                                                1972-1999
Table 6a: Equation 10: Estimates 
                                                
Equation 10:  logF is the LHS variable                                        
                                                                              
Cty   logEE    log r    RHO       SE     DW                                   
                                                                              
Quarterly equations:                                                          
                                                                              
CA    0.9824   1.761   0.793    0.0096   2.28                                 
    ( 49.23)  (3.68) (11.64)                  1972.2-1997.3                   
                                                                              
JA    1.0009   1.238   0.371    0.0094   1.81                                 
   (1081.51)  (6.28)  (4.16)                  1972.2-1999.4                   
                                                                              
AU    1.0003   1.081   0.274    0.0058   2.13                                 
   (5380.09)  (8.40)  (2.87)                  1972.2-1998.4                   
                                                                              
FR    1.0009   1.060     -      0.0066   1.73                                 
   (4624.69)  (6.18)                          1972.2-1989.3                   
                                                                              
GE    1.0004   1.146   0.622    0.0031   2.19                                 
   (7579.39) (12.04)  (8.18)                  1972.2-1998.4                   
                                                                              
IT    0.9933   1.242     -      0.0104   1.78                                 
    (272.40) (13.24)                          1972.2-1998.4                   
                                                                              
NE    0.9999   1.609     -      0.0098   2.05                                 
   (3325.71)  (4.78)                          1978.1-1990.4                   
                                                                              
ST    1.0001   1.072     -      0.0031   2.31                                 
  (14028.30) (18.66)                          1983.1-1998.4                   
                                                                              
UK    1.0014   1.278   0.398    0.0061   1.95                                 
    (367.01)  (5.52)  (2.76)                  1972.2-1984.4                   
                                                                              
FI    0.9979   1.445   0.689    0.0070   2.67                                 
    (402.72)  (4.94)  (7.14)                  1976.1-1989.3                   
                                                                              
AS    1.0060   1.199     -      0.0047   2.23                                 
    (448.09) (19.27)                          1972.2-1999.4
Table 6a: Equation 11: Estimates 
                                                
Equation 11:  logPX - log[PW$*(E/E95)] is the LHS variable                    
                                                                              
Cty  Cnst      logPY    RHO1   RHO2        SE     DW                          
          -log[PW$*(E/E95)]                                                   
                                                                              
Quarterly equations:                                                          
                                                                              
CA       -     0.723   1.314  -0.331     0.0145   2.13                        
             (15.44) (16.01) (-4.05)                   1966.1-1999.4          
                                                                              
JA       -     0.423   1.304  -0.317     0.0143   1.93                        
             (13.98) (15.89) (-3.92)                   1966.1-1999.4          
                                                                              
AU       -     0.675   0.743   0.242     0.0247   2.07                        
              (9.36)  (8.03)  (2.63)                   1970.1-1999.2          
                                                                              
FR       -     0.648   1.153  -0.169     0.0119   1.90                        
             (17.73) (12.54) (-1.85)                   1971.1-1999.4          
                                                                              
GE       -     0.750   0.868   0.050     0.0107   1.99                        
             (29.37)  (8.94)  (0.51)                   1971.1-1999.4          
                                                                              
IT       -     0.605   0.957   0.029     0.0170   1.97                        
             (12.98) (10.09)  (0.31)                   1971.1-1999.4          
                                                                              
NE       -     0.633   1.356  -0.367     0.0157   1.99                        
             (10.94) (13.22) (-3.60)                   1978.1-1999.2          
                                                                              
ST       -     0.865   0.971   0.039     0.0089   2.01                        
             (28.36)  (7.26)  (0.29)                   1983.1-1998.4          
                                                                              
UK       -     0.694   1.044  -0.054     0.0161   2.01                        
             (18.71) (11.97) (-0.62)                   1966.1-1999.3          
                                                                              
FI       -     0.627   1.180  -0.227     0.0147   2.05                        
             (13.01) (11.72) (-2.19)                   1976.1-1999.4          
                                                                              
AS       -     0.530   1.177  -0.195     0.0276   2.02                        
              (8.87) (13.69) (-2.29)                   1966.1-1999.4          
                                                                              
SO       -     0.712   0.798   0.187     0.0315   2.03                        
             (13.47) (10.06)  (2.38)                   1961.1-1999.4          
                                                                              
KO       -     0.310   1.024  -0.078     0.0296   1.93                        
              (5.01)  (9.60) (-0.74)                   1974.1-1999.3          
                                                                              
Cty  Cnst      logPY    RHO1   RHO2        SE     DW                          
          -log[PW$*(E/E95)]                                                   
                                                                              
Annual equations:                                                             
                                                                              
BE       -     0.403   0.783   0.140     0.0218   2.09                        
              (7.41)  (4.48)  (0.85)                     1962-1996            
                                                                              
DE       -     0.590   1.099  -0.168     0.0188   1.70                        
             (10.88)  (6.07) (-0.99)                     1967-1998            
                                                                              
NO       -     0.449   1.270  -0.314     0.0686   1.73                        
              (1.40)  (7.32) (-1.85)                     1962-1998            
                                                                              
SW       -     0.448   1.065  -0.433     0.0306   1.71                        
              (5.68)  (6.49) (-2.67)                     1965-1998            
                                                                              
GR     0.047     -     0.633  -0.116     0.0496   1.90                        
      (2.69)          (3.58) (-0.69)                     1963-1997            
                                                                              
IR       -     0.484   1.125  -0.154     0.0279   1.99                        
              (6.20)  (5.71) (-0.80)                     1968-1997            
                                                                              
PO     0.080     -     1.133  -0.444     0.0392   2.10                        
      (3.75)          (7.14) (-2.73)                     1962-1996            
                                                                              
SP       -     0.542   1.065  -0.104     0.0391   1.68                        
              (5.51)  (6.28) (-0.64)                     1962-1998            
                                                                              
NZ       -     0.558   1.020  -0.099     0.0726   1.90                        
              (3.30)  (5.86) (-0.59)                     1962-1997            
                                                                              
CO       -     0.873   1.104  -0.143     0.1393   2.00                        
              (3.07)  (5.24) (-0.69)                     1971-1997            
                                                                              
JO       -     0.041   0.992  -0.408     0.0584   2.26                        
              (0.15)  (3.47) (-1.61)                     1987-1998            
                                                                              
SY       -     1.000   1.199  -0.221     0.1856   2.08                        
                      (6.96) (-1.30)                     1965-1998            
                                                                              
ID       -     0.622   0.792  -0.161     0.0599   1.80                        
             (11.56)  (4.37) (-0.90)                     1962-1997            
                                                                              
MA       -     1.000   0.874  -0.119     0.1312   1.87                        
                      (4.31) (-0.59)                     1972-1997            
                                                                              
PA       -     0.619   0.538  -0.269     0.0655   1.87                        
              (7.35)  (3.01) (-1.77)                     1974-1997            
                                                                              
PH       -     0.122   1.009  -0.039     0.1066   1.90                        
              (0.84)  (5.92) (-0.23)                     1962-1999            
                                                                              
TH       -     0.375   0.790  -0.006     0.0538   1.88                        
              (1.89)  (3.11) (-0.02)                     1979-1999            
                                                                              
CH     0.067     -     1.017  -0.310     0.0444   2.10                        
      (1.69)          (4.17) (-1.31)                     1984-1999            
                                                                              
AR     0.033     -       -       -       0.0611   1.32                        
      (1.30)                                             1994-1999            
                                                                              
CE     0.088     -     1.086  -0.408     0.0473   2.19                        
      (2.71)          (5.26) (-1.98)                     1979-1999            
                                                                              
ME     0.083     -     1.139  -0.460     0.0390   2.10                        
      (4.12)          (7.26) (-2.90)                     1962-1997            
                                                                              
PE    -0.036     -       -       -       0.1021   1.20                        
     (-0.92)                                             1992-1998
Table 6a: Equation 12: Estimates 
                                                
Equation 12:  logW is the LHS variable                                        
                                                                              
Cty  Cnst  logW-1  logPY     DW         T      RHO    logPY-1   SE     DW     
                                                                              
Quarterly equations:                                                          
                                                                              
CA -0.011  0.932   1.119      -      0.00005   0.286  -1.041   0.0077   2.03  
  (-0.74)(24.97) (11.89)              (0.58)  (2.92)           1966.1-1999.4  
                                                                              
JA -0.008  0.990   0.664  -0.04245~  0.00011     -    -0.675   0.0081   1.81  
  (-0.53)(63.81)  (6.01)   (-2.79)    (1.17)                   1966.1-1999.4  
                                                                              
FR  0.006  0.934   1.307  -0.01380  -0.00002     -    -1.218   0.0082   1.87  
   (0.53)(25.18)  (5.76)   (-0.47)   (-0.27)                   1971.1-1999.4  
                                                                              
IT  0.038  0.921   1.250  -0.25783~ -0.00013     -    -1.153   0.0119   1.71  
   (1.62)(25.84)  (8.51)   (-1.83)   (-0.79)                   1971.1-1999.4  
                                                                              
NE -0.325  0.517   0.051      -      0.00190   0.542   0.235   0.0052   2.10  
 (-11.05) (7.49)  (0.48)             (11.02)  (4.83)           1978.1-1999.2  
                                                                              
UK -0.050  0.926   0.867  -0.06476   0.00034     -    -0.796   0.0107   1.85  
  (-1.95)(24.53) (11.11)   (-1.58)    (2.23)                   1966.1-1999.3  
                                                                              
AS  0.061  0.967   0.307  -0.15657  -0.00022     -    -0.260   0.0113   1.70  
   (2.78)(32.23)  (2.78)   (-3.74)   (-1.72)                   1966.1-1999.4  
                                                                              
KO -0.540  0.810   1.040  -0.34216   0.00326     -    -0.839   0.0319   1.94  
  (-3.32)(14.20) (11.17)   (-3.25)    (3.44)                   1974.1-1999.3  
                                                                              
Cty  Cnst  logW-1  logPY     DW         T      RHO    logPY-1   SE     DW     
                                                                              
Annual equations:                                                             
                                                                              
SW  0.031  0.837   0.753  -0.69633   0.00055     -    -0.586   0.0242   2.47  
   (0.81) (9.42)  (4.43)   (-2.63)    (0.54)                     1965-1998    
                                                                              
GR -0.037  0.921   0.911  -0.13954~  0.00252     -    -0.841   0.0335   1.44  
  (-0.46)(12.22)  (5.43)   (-1.89)    (0.87)                     1963-1997    
                                                                              
SP -0.058  0.792   1.323  -0.23161~  0.00305     -    -1.081   0.0186   2.14  
  (-1.52)(15.35)  (9.46)   (-4.54)    (2.30)                     1962-1998
Table 6a: Equation 13: Estimates 
                                                
Equation 13:  log(J/J-1) is the LHS variable                                  
                                                                              
Cty  Cnst     T log(J/JMIN) logY/Y-1 logY-1/Y-2 RHO      SE     DW            
                     -1                                                       
Quarterly equations:                                                          
                                                                              
CA  0.006  -0.00002  -0.145   0.473   0.150     -      0.0046   1.86          
   (2.78)   (-2.09) (-4.60)  (6.74)  (2.68)            1966.1-1999.4          
                                                                              
JA    -     0.00001  -0.086   0.242     -       -      0.0037   2.17          
   (0.26)    (0.79) (-4.21)  (4.97)                    1966.1-1999.4          
                                                                              
AU -0.003   0.00002  -0.004   0.111   0.162     -      0.0062   2.27          
  (-1.20)    (1.37) (-0.13)  (1.31)  (2.97)            1970.1-1999.2          
                                                                              
FR  0.021  -0.00009  -0.283   0.559     -       -      0.0274   1.83          
   (1.60)   (-1.00) (-5.14)  (0.80)                    1971.1-1999.4          
                                                                              
GE    -     0.00001  -0.058   0.074     -       -      0.0035   0.87          
  (-0.08)    (0.56) (-2.53)  (1.63)                    1971.1-1999.4          
                                                                              
IT  0.001   0.00001  -0.112   0.042     -       -      0.0056   2.07          
   (0.42)    (0.39) (-3.79)  (0.49)                    1971.1-1999.4          
                                                                              
ST  0.010  -0.00005  -0.209   0.434     -       -      0.0041   1.87          
   (1.93)   (-1.82) (-4.30)  (3.52)                    1983.1-1998.4          
                                                                              
UK  0.004      -     -0.195   0.153     -     0.515    0.0029   2.10          
   (2.01)   (-0.11) (-6.76)  (4.22)          (6.41)    1966.1-1999.3          
                                                                              
FI  0.028  -0.00014  -0.325   0.212     -     0.351    0.0064   2.14          
   (4.15)   (-3.43) (-6.36)  (3.24)          (3.07)    1976.1-1999.4          
                                                                              
AS  0.008  -0.00002  -0.240   0.118     -     0.337    0.0048   2.12          
   (3.57)   (-1.37) (-4.56)  (1.53)          (3.73)    1966.1-1999.4          
                                                                              
Cty  Cnst     T log(J/JMIN) logY/Y-1 logY-1/Y-2 RHO      SE     DW            
                     -1                                                       
Annual equations:                                                             
                                                                              
BE -0.016   0.00036  -0.261   0.367     -       -      0.0085   1.67          
  (-2.85)    (2.03) (-1.83)  (4.23)                      1962-1996            
                                                                              
DE  0.014  -0.00050  -0.601   0.362     -       -      0.0147   1.48          
   (1.55)   (-1.61) (-3.47)  (2.88)                      1967-1998            
                                                                              
NO -0.008   0.00036  -0.364   0.443     -       -      0.0126   0.83          
  (-1.12)    (1.73) (-3.08)  (3.20)                      1962-1998            
                                                                              
SW  0.003  -0.00028  -0.211   0.409     -       -      0.0125   0.84          
   (0.47)   (-1.21) (-1.76)  (2.90)                      1965-1998            
                                                                              
IR -0.040   0.00149  -0.386   0.454     -       -      0.0120   1.57          
  (-5.35)    (4.81) (-3.18)  (5.28)                      1968-1997
Table 6a: Equation 14: Estimates 
                                                
Equation 14:  log(L1/POP1) is the LHS variable                                
                                                                              
Cty  Cnst      T      LHS-1   logW/PY   Z      RHO       SE     DW            
                                                                              
Quarterly equations:                                                          
                                                                              
CA    -    -0.00011   0.938    0.021   0.063     -     0.0046   1.90          
  (-0.03)   (-2.28) (36.83)   (1.81)  (1.93)           1966.1-1999.4          
                                                                              
JA -0.007  -0.00003   0.952      -     0.092     -     0.0028   1.97          
  (-1.55)   (-1.84) (34.06)           (1.17)           1966.1-1999.4          
                                                                              
AU -0.102  -0.00035   0.542      -     0.245     -     0.0034   2.05          
  (-6.15)   (-5.84)  (7.16)           (4.18)           1970.1-1999.2          
                                                                              
FR  0.006  -0.00039   0.900    0.070   0.030     -     0.0271   1.99          
   (0.16)   (-1.13) (17.87)   (0.87)  (0.30)           1971.1-1999.4          
                                                                              
GE -0.034   0.00002   0.946      -     0.053     -     0.0023   1.87          
  (-5.06)    (2.52) (82.36)           (2.37)           1971.1-1999.4          
                                                                              
IT -0.019  -0.00010   0.925      -     0.017     -     0.0039   1.74          
  (-2.36)   (-1.88) (26.63)           (0.30)           1971.1-1999.4          
                                                                              
UK -0.011  -0.00013   0.906      -     0.023     -     0.0028   1.76          
  (-3.30)   (-2.49) (25.67)           (1.03)           1966.1-1999.3          
                                                                              
FI -0.045  -0.00048   0.668      -     0.144     -     0.0094   2.27          
  (-4.23)   (-5.17) (10.57)           (3.27)           1976.1-1999.4          
                                                                              
AS -0.012  -0.00013   0.888      -     0.018     -     0.0036   2.14          
  (-3.21)   (-2.67) (22.21)           (0.88)           1966.1-1999.4          
                                                                              
Annual equations:                                                             
                                                                              
BE -0.067  -0.00197   0.734      -     0.194     -     0.0056   1.95          
  (-2.39)   (-2.09)  (6.08)           (2.44)             1962-1996            
                                                                              
DE -0.072  -0.00088   0.678      -     0.118     -     0.0087   1.73          
  (-3.46)   (-2.17)  (6.44)           (1.47)             1967-1998            
                                                                              
NO -0.059  -0.00034   0.782      -     0.621     -     0.0064   1.24          
  (-3.10)   (-1.19)  (9.79)           (5.27)             1962-1998            
                                                                              
SW -0.094  -0.00199   0.618      -     0.300     -     0.0077   1.31          
  (-2.68)   (-2.54)  (4.11)           (1.39)             1965-1998
Table 6a: Equation 15: Estimates 
                                                
Equation 15:  log(L2/POP2) is the LHS variable                                
                                                                              
Cty  Cnst      T      LHS-1   logW/PY   Z      RHO       SE     DW            
                                                                              
Quarterly equations:                                                          
                                                                              
CA -0.013  -0.00003   0.963    0.029   0.069     -     0.0079   1.49          
  (-0.80)   (-0.43) (51.34)   (1.04)  (1.25)           1966.1-1999.4          
                                                                              
JA -0.036   0.00002   0.954      -     0.105     -     0.0074   2.18          
  (-2.03)    (1.44) (39.67)           (0.49)           1966.1-1999.4          
                                                                              
AU -0.086   0.00019   0.928      -     0.095     -     0.0098   2.43          
  (-2.60)    (2.71) (33.00)           (0.88)           1970.1-1999.2          
                                                                              
IT -0.413   0.00057   0.705    0.061   0.328     -     0.0106   2.05          
  (-4.34)    (4.07) (10.44)   (3.44)  (1.61)           1971.1-1999.4          
                                                                              
ST -0.062   0.00007   0.911      -     0.489     -     0.0059   2.27          
  (-1.48)    (0.51) (26.12)           (3.87)           1983.1-1998.4          
                                                                              
UK -0.036  -0.00002   0.936    0.040   0.039     -     0.0035   1.21          
  (-1.51)   (-0.31) (42.23)   (3.73)  (1.25)           1966.1-1999.3          
                                                                              
FI -0.051  -0.00008   0.885      -     0.104     -     0.0092   2.74          
  (-2.66)   (-2.14) (23.65)           (2.48)           1976.1-1999.4          
                                                                              
AS -0.091   0.00024   0.916      -     0.042     -     0.0082   1.88          
  (-2.30)    (2.25) (26.59)           (0.96)           1966.1-1999.4          
                                                                              
Annual equations:                                                             
                                                                              
BE -0.158   0.00165   0.867      -     0.051     -     0.0079   1.86          
  (-1.46)    (1.67) (10.09)           (0.45)             1962-1996            
                                                                              
DE -0.023  -0.00023   0.930      -     0.207     -     0.0163   1.62          
  (-0.38)   (-0.30) (13.07)           (1.52)             1967-1998            
                                                                              
IR -0.143   0.00162   0.876    0.059   0.574     -     0.0195   1.87          
  (-0.86)    (0.68)  (9.76)   (0.77)  (3.64)             1968-1997
Table 6b: Equation 1: Tests
 Equation 1:  log(IM/POP) is the LHS variable                                 
                                                                              
       Lags     logPY    RHO+       T      Stability                          
      p-val    p-val   p-val     p-val    AP (df) q                           
                                                                              
 Quarterly equations:                                                         
                                                                              
 CA    0.153    0.404    0.315    0.000   *12.26  5  7.509                    
 JA    0.028    0.860    0.003    0.487     5.44  4  7.509                    
 AU    0.082    0.186    0.000    0.001    *7.79  4  5.432                    
 FR    0.267    0.210    0.000    0.087    *8.25  5  4.790                    
 GE    0.103      -      0.360    0.084       -   -    -                      
 IT    0.128    0.629    0.003    0.013    *7.58  4  4.790                    
 NE    0.895    0.003    0.078    0.001     1.65  4  2.031                    
 UK    0.566    0.180    0.014    0.336    *8.77  4  7.625                    
 FI    0.000    0.128    0.000    0.000   *17.52  4  2.677                    
 AS    0.031    0.769    0.007    0.092   *13.80  5  7.509                    
 SO    0.046    0.000    0.000    0.000   *16.30  5  5.022                    
 KO    0.592    0.078    0.373    0.001   *13.61  5  3.487                    
                                                                              
 Annual equations:                                                            
                                                                              
 BE    0.859    0.050    0.002    0.000   *10.52  4  5.444                    
 DE    0.591    0.394    0.000    0.178    *8.03  4  3.194                    
 NO    0.042    0.000    0.004    0.109   *28.98  4  4.947                    
 GR    0.189    0.000    0.746    0.000   *28.49  4  4.768                    
 IR    0.394    0.897    0.055    0.142   *13.00  4  2.988                    
 PO    0.096    0.002    0.003    0.001   *15.98  4  5.444                    
 SP    0.041    0.086    0.000    0.003   *12.65  4  4.947                    
 NZ    0.763    0.000    0.000    0.000   *17.47  4  3.551                    
 SA    0.008      -      0.000    0.000   *25.40  3  2.270                    
 CO    0.274    0.467    0.000    0.579     5.52  4  2.118                    
 SY    0.264    0.145    0.001    0.088   *11.77  4  3.850                    
 ID    0.657      -      0.518    0.112    *7.78  3  5.174                    
 PH    0.018    0.000    0.799    0.000   *21.41  4  4.753                    
 TH    0.632      -      0.067    0.452     1.66  3  1.000                    
 CH    0.118      -      0.209    0.993       -   -    -                      
 CE    0.074      -      0.000    0.060     3.63  3  1.000                    
 ME    0.000    0.000    0.000    0.000    *9.61  4  5.174
Table 6b: Equation 2: Tests
 Equation 2:  log(C/POP) is the LHS variable                                  
                                                                              
       Lags      pe       RHO+       T      Leads      Stability              
      p-val    p-val     p-val     p-val    p-val      AP (df) q              
                                                                              
 Quarterly equations:                                                         
                                                                              
 CA    0.111    0.668    0.110    0.802    0.001   *27.46  5  7.509           
 JA    0.000    0.017    0.551    0.293    0.000   *40.22  5  2.552           
 AU    0.204      -      0.000    0.000    0.867   *13.00  3  5.432           
 FR    0.144      -      0.021    0.459    0.000    *5.93  3  4.790           
 GE    0.000    0.855    0.007    0.853    0.306       -   -    -             
 IT    0.132    0.173    0.102    0.031    0.201     5.89  5  4.790           
 NE    0.001    0.075    0.001    0.017    0.129   *19.41  4  2.031           
 ST    0.012    0.100    0.025    0.031    0.887     4.85  5  1.000           
 UK    0.012    0.612    0.119    0.145    0.156     4.76  5  7.625           
 FI    0.153    0.827    0.019    0.009    0.989   *12.60  5  2.677           
 AS    0.531    0.521    0.092    0.007    0.069     5.41  5  7.509           
 SO    0.837    0.221    0.599    0.031    0.031    *7.24  4  5.022           
 KO    0.264    0.404    0.001    0.122    0.019    *9.94  5  3.487           
                                                                              
 Annual equations:                                                            
                                                                              
 BE    0.719      -      0.276    0.805    0.663     3.38  3  5.444           
 DE    0.094    0.388    0.022    0.330    0.526     6.16  5  3.194           
 NO    0.220      -      0.128    0.004    0.392     3.09  3  4.947           
 SW    0.330      -      0.316    0.158    0.364     4.79  4  3.850           
 GR    0.518    0.000    0.006    0.000    0.067   *23.73  5  4.768           
 IR    0.008    0.096    0.117    0.109    0.924   *13.10  5  2.988           
 PO    0.971    0.255    0.766    0.052    0.138     4.56  5  5.444           
 SP    0.016    0.000    0.000    0.000    0.117   *22.24  4  4.947           
 NZ    0.033    0.052    0.081    0.227    0.550   *11.17  5  3.551           
 SA    0.480      -      0.690    0.047    0.678     2.41  3  2.270           
 VE    0.885      -      0.806    0.002    0.170   *10.94  3  4.947           
 CO    0.086    0.506    0.052    0.227    0.360     4.44  5  1.000           
 SY    0.649      -      0.002    0.010    0.328     4.83  3  3.850           
 ID    0.586    0.472    0.383    0.047    0.724     6.67  4  5.174           
 MA    0.395      -      0.598    0.284    0.918     6.60  4  1.861           
 PA    0.534      -      0.114    0.774    0.424   *15.59  3  1.398           
 PH    0.903    0.133    0.890    0.002    0.444     7.04  5  4.753           
 TH    0.610      -      0.055    0.134    0.000   *15.01  4  1.000           
 CH    0.265    0.203    0.864    0.058    0.000       -   -    -             
 CE    0.787      -      0.004    0.000    0.018     1.05  3  1.000           
 ME    0.000      -      0.000    0.000    0.312    *5.94  3  5.174
Table 6b: Equation 3: Tests
 Equation 3:  logI is the LHS variable                                        
                                                                              
       Lags      pe       RHO+       T      Leads      Stability              
      p-val     p-val     p-val     p-val    p-val      AP (df) q             
                                                                              
 Quarterly equations:                                                         
                                                                              
 CA    0.001    0.125    0.000    0.027    0.002     4.70  4  7.509           
 JA    0.044    0.015    0.000    0.004    0.000   *14.51  4  7.509           
 AU    0.040    0.116    0.013    0.048    0.400    *8.31  4  5.432           
 FR    0.024    0.037    0.000    0.104    0.000    *8.37  4  4.790           
 GE    0.007    0.749    0.001    0.017    0.079       -   -    -             
 IT    0.000    0.029    0.000    0.000    0.015   *12.45  4  4.790           
 NE    0.000    0.263    0.000    0.001    0.767     1.23  4  2.031           
 UK    0.197    0.350    0.433    0.000    0.747     5.24  4  7.625           
 FI    0.392      -      0.039    0.000    0.004   *18.64  3  2.677           
 AS    0.600    0.307    0.002    0.491    0.392     5.08  4  7.509           
 SO    0.111    0.859    0.077    0.000    0.173     6.52  4  5.022           
 KO    0.514      -      0.001    0.000    0.023     4.40  3  3.487           
                                                                              
 Annual equations:                                                            
                                                                              
 BE    0.836    0.064    0.916    0.027    0.346    *8.38  4  5.444           
 DE    0.175    0.265    0.529    0.000    0.044    *8.90  4  3.194           
 SW    0.001    0.577    0.006    0.393    0.097     2.96  4  3.850           
 GR    0.134      -      0.040    0.893    0.064   *12.34  3  4.768           
 IR    0.075      -      0.070    0.000    0.169    *7.57  3  2.988           
 PO    0.000    0.867    0.017    0.040    0.865     4.19  4  5.444           
 SP    0.000    0.061    0.000    0.455    0.014    *8.16  4  4.947           
 NZ    0.000    0.208    0.025    0.680    0.340     5.09  4  3.551           
 SA    0.303      -      0.441    0.074    0.496     1.64  3  2.270           
 VE    0.000    0.003    0.002    0.000    0.785   *17.61  4  4.947           
 CO    0.009    0.382    0.088    0.506    0.924     0.96  4  2.118           
 JO    0.364      -      0.057    0.841    0.324       -   -    -             
 SY    0.033      -      0.000    0.001    0.715   *16.66  3  3.850           
 ID    0.210      -      0.013    0.185    0.860   *14.81  3  5.174           
 MA    0.000      -      0.000    0.001    0.482    *5.82  3  1.861           
 PA    0.008      -      0.231    0.308    0.098     0.50  3  1.398           
 PH    0.002    0.825    0.012    0.000    0.021    *7.85  4  4.753           
 TH    0.000      -      0.000    0.000    0.055     3.04  3  1.000           
 CH    0.000    0.084    0.027    0.016    0.017       -   -    -             
 ME    0.029      -      0.000    0.000    0.649   *21.03  3  5.174
Table 6b: Equation 4: Tests
 Equation 4:  Y is the LHS variable                                           
                                                                              
       Lags      RHO+       T      Leads      Stability                       
      p-val     p-val     p-val    p-val      AP (df) q                       
                                                                              
 Quarterly equations:                                                         
                                                                              
 CA    0.067    0.028    0.538    0.002    *9.62  4  7.509                    
 JA    0.167    0.649    0.406    0.012   *16.62  4  7.509                    
 AU    0.018    0.982    0.000    0.514     4.77  4  5.432                    
 FR    0.019    0.012    0.055    0.286     5.55  4  4.790                    
 GE    0.315    0.222    0.025    0.000       -   -    -                      
 IT    0.019    0.655    0.049    0.010    *8.91  4  4.790                    
 UK    0.003    0.009    0.778    0.001   *10.22  4  7.625                    
 AS    0.986    0.787    0.082    0.020     4.74  4  3.051                    
 KO    0.821    0.736    0.073    0.002     2.95  4  3.088                    
                                                                              
 Annual equations:                                                            
                                                                              
 NO    0.000    0.000    0.576    0.006     3.91  3  4.947                    
 SW    0.000    0.000    0.004    0.023   *20.51  3  3.850                    
 GR    0.088    0.100    0.179    0.467    *6.72  3  4.768                    
 IR    0.126    0.136    0.686    0.247     2.45  3  2.988                    
 SP    0.416    0.223    0.601    0.097    *5.94  3  4.947                    
 NZ    0.727    0.885    0.046    0.378     0.73  3  3.551                    
 VE    0.139    0.082    0.210    0.001     5.33  3  4.947                    
 CO    0.133    0.611    0.399    0.058     0.44  3  2.118                    
 MA    0.630    0.737    0.021    0.000     1.36  3  1.861
Table 6b: Equation 5: Tests
 Equation 5:  logPY is the LHS variable                                       
                                                                              
       Lags-1   Lags-2    RHO+    Leads      Stability                        
       p-val   p-val     p-val    p-val      AP (df) q                        
                                                                              
 Quarterly equations:                                                         
                                                                              
 CA    0.210    0.429    0.178    0.011   *16.65  7  7.509                    
 JA    0.000    0.000    0.000    0.000   *63.09  7  7.509                    
 AU    0.652    0.748    0.635      -       7.74  6  5.432                    
 FR    0.197    0.987    0.529    0.021   *17.05  7  4.790                    
 GE    0.000    0.001    0.008      -         -   -    -                      
 IT    0.015    0.086    0.579    0.009     8.91  7  4.790                    
 NE    0.090    0.140    0.061    0.077   *14.21  5  2.031                    
 ST    0.111    0.079    0.000      -       2.02  5  1.000                    
 UK    0.001    0.011    0.001    0.349   *24.44  7  7.625                    
 FI    0.949    0.679    0.802      -       7.64  5  2.677                    
 AS    0.003    0.108    0.097    0.001   *15.54  7  7.509                    
 SO    0.362    0.005    0.068      -       4.81  4  5.022                    
 KO    0.881    0.761    0.877    0.395   *14.44  6  3.487                    
                                                                              
 Annual equations:                                                            
                                                                              
 BE    0.000    0.001    0.000      -     *29.91  5  5.444                    
 DE    0.000    0.000    0.001      -     *13.68  5  3.194                    
 NO    0.031    0.005    0.019      -     *19.93  5  4.947                    
 SW    0.700    0.129    0.370    0.097     7.12  6  3.850                    
 GR    0.324    0.886    0.481    0.686   *22.53  6  4.768                    
 IR    0.698    0.010    0.441    0.050     4.73  6  2.988                    
 PO    0.482    0.016    0.138      -     *16.62  5  5.444                    
 SP    0.430    0.033    0.511    0.644   *10.09  6  4.947                    
 NZ    0.194    0.222    0.096      -       7.11  5  3.551                    
 CO    0.800    0.781    0.889      -       2.44  5  2.118                    
 JO    0.378    0.184    0.921      -         -   -    -                      
 SY    0.016    0.071    0.003      -     *17.20  4  3.850                    
 MA    0.017    0.000    0.000      -     *24.63  5  1.861                    
 PA    0.107    0.034    0.078      -     *14.97  5  1.398                    
 PH    0.156    0.030    0.003      -     *37.60  5  4.753                    
 TH    0.278    0.106    0.031      -       1.15  5  1.000                    
 CH    0.000    0.000    0.000      -         -   -    -                      
 CE    0.310    0.256    0.860      -     *54.11  5  1.000                    
 ME    0.281    0.145    0.080      -       7.57  5  5.174
Table 6b: Equation 6: Tests
 Equation 6:  log(M1/(POP*PY)) is the LHS variable                            
                                                                              
      N vs R    Lags     RHO+       T        Stability                        
       p-val   p-val    p-val     p-val      AP (df) q                        
                                                                              
 Quarterly equations:                                                         
                                                                              
 CA    0.116    0.198    0.017    0.434     6.98  4  7.509                    
 JA    0.016    0.118    0.000    0.056   *10.00  4  7.509                    
 AU    0.898    0.698    0.143    0.051    *8.24  5  5.685                    
 GE    0.358    0.052    0.244    0.308       -   -    -                      
 NE    0.648    0.652    0.775    0.175     3.41  4  2.062                    
 ST    0.345    0.333    0.006    0.922     3.86  5  1.000                    
 AS    0.644    0.974    0.457    0.566     6.58  4  7.509                    
 KO    0.219    0.171    0.158    0.023     1.34  3  3.487                    
                                                                              
 Annual equations:                                                            
                                                                              
 BE    0.752    0.233    0.106    0.330     3.62  4  5.444                    
 DE    0.024    0.472    0.236    0.021     5.15  4  3.194                    
 PO    0.010    0.105    0.303    0.477   *34.86  4  5.444                    
 SP    0.230    0.000    0.000    0.002     6.69  4  4.200                    
 NZ    0.702    0.101    0.000    0.058     5.64  4  3.551                    
 VE    0.587    0.634    0.417    0.001   *14.57  4  4.947                    
 ID    0.903    0.649    0.817    0.631   *17.32  3  5.174                    
 PA    0.195    0.042    0.788    0.005     0.79  4  1.398                    
 PH    0.478    0.124    0.507    0.074    *8.81  4  4.753
Table 6b: Equation 7: Tests
 Equation 7:  RS is the LHS variable                                          
                                                                              
       Lags      RHO+      T        Stability                                 
      p-val     p-val    p-val      AP (df) q                                 
                                                                              
 Quarterly equations:                                                         
                                                                              
 CA    0.091    0.000    0.446     6.29  4  4.205                             
 JA    0.206    0.598    0.718   *10.65  6  4.205                             
 AU    0.072    0.006    0.891    *8.64  5  4.428                             
 FR    0.101    0.009    0.024     4.45  5  4.428                             
 GE    0.718    0.035    0.000   *10.26  5  4.428                             
 IT    0.153    0.838    0.761     6.34  5  4.428                             
 NE    0.485    0.004    0.000   *12.64  5  2.062                             
 ST    0.195    0.887    0.003    *8.42  4  1.000                             
 UK    0.013    0.022    0.020     4.50  5  4.256                             
 FI    0.648    0.082    0.374     2.97  4  2.784                             
 AS    0.869    0.851    0.454     3.43  4  4.205                             
 SO    0.047    0.016    0.049   *10.67  5  4.205                             
 KO    0.035    0.001    0.618   *12.86  5  3.487                             
                                                                              
 Annual equations:                                                            
                                                                              
 BE    0.250    0.424    0.644     0.32  3  1.907                             
 DE    0.442    0.532    0.060     1.98  3  1.823                             
 NO    0.754    0.567    0.496     0.30  4  1.823                             
 SW    0.446    0.169    0.679     0.82  3  1.823                             
 IR    0.838    0.661    0.323     2.15  4  1.861                             
 PO    0.962    0.572    0.010    *7.60  4  1.907                             
 SP    0.248    0.119    0.493     1.24  4  1.823                             
 NZ    0.706    0.447    0.199     2.64  3  1.861                             
 ID    0.232    0.291    0.694     1.14  3  1.861                             
 PA    0.084    0.018    0.405     0.92  3  1.398                             
 PH    0.064    0.135    0.044   *12.49  4  1.571
Table 6b: Equation 8: Tests
 Equation 8:  RB - RB-2 is the LHS variable                                   
                                                                              
       Restr    Lags     RHO+       T      Leads      Stability               
       p-val   p-val    p-val     p-val    p-val      AP (df) q               
                                                                              
 Quarterly equations:                                                         
                                                                              
 CA    0.015    0.042    0.019    0.226    0.023     2.37  4  7.509           
 JA    0.101    0.319    0.542    0.833    0.223     2.43  4  7.509           
 AU    0.934    0.142    0.035    0.012    0.634     2.71  5  5.596           
 FR    0.319    0.478    0.228    0.237    0.611     3.04  5  5.060           
 GE    0.097    0.008    0.008    0.501    0.248     3.04  4  4.790           
 IT    0.852    0.557    0.369    0.601    0.670   *11.11  5  5.060           
 NE    0.406    0.406    0.270    0.729    0.657     2.29  4  2.062           
 ST    0.087    0.161    0.588    0.515    0.597     3.59  4  1.000           
 UK    0.969    0.529    0.015    0.006    0.845     6.77  4  7.625           
 AS    0.067    0.100    0.031    0.125    0.128    *9.37  4  7.509           
 SO    0.152    0.015    0.019    0.390    0.203     3.10  4  5.022           
                                                                              
 Annual equations:                                                            
                                                                              
 BE    0.110    0.028    0.070    0.014    0.775     5.50  3  5.444           
 DE    0.974    0.863    0.256    0.004    0.555    *9.89  3  3.194           
 NO    0.092    0.068    0.259    0.024    0.704     5.52  3  4.947           
 IR    0.786    0.499    0.035    0.002    0.999    *9.06  3  2.988           
 PO    0.001    0.001    0.245    0.015    0.252     3.87  3  5.444           
 NZ    0.214    0.000    0.008    0.332    0.431     2.80  3  4.005           
 PA    0.276    0.218    0.794    0.019    0.594     5.53  3  1.398           
 TH    0.109    0.296    0.805    0.890    0.909     3.08  3  1.000
Table 6b: Equation 9: Tests
 Equation 9:  logE or logH is the LHS variable                                
                                                                              
       Restr    Lags     RHO+       T        Stability                        
       p-val   p-val    p-val     p-val      AP (df) q                        
                                                                              
 Quarterly equations:                                                         
                                                                              
 CA    0.351    0.681    0.290    0.154     1.44  4  4.205                    
 JA    0.103    0.947    0.485    0.012     3.60  3  4.205                    
 AU    0.000    0.011    0.050    0.000    *8.81  2  4.428                    
 FR    0.008    0.584    0.453    0.003    *5.89  3  4.428                    
 GE    0.408    0.060    0.054    0.711     4.00  4  4.428                    
 IT    0.000    0.816    0.519    0.002    *5.95  2  4.428                    
 NE    0.515    0.090    0.001    0.547     1.34  2  2.062                    
 ST    0.038    0.783    0.168    0.015    *6.90  2  1.000                    
 UK    0.000    0.016    0.030    0.000    *4.84  2  4.256                    
 FI    0.051    0.650    0.448    0.085     0.65  4  2.784                    
 AS    0.134    0.548    0.926    0.066     2.16  3  4.205                    
 SO    0.484    0.017    0.040    0.346     2.92  2  4.205                    
 KO    0.283    0.869    0.492    0.383   *20.21  4  3.487                    
                                                                              
 Annual equations:                                                            
                                                                              
 BE    0.146    0.082    0.095    0.159     2.08  2  1.907                    
 DE    0.001    0.006    0.007    0.000   *12.28  1  1.823                    
 NO    0.725    0.090    0.318    0.895     0.66  2  1.823                    
 SW    0.952    0.268    0.819    0.916     0.28  2  1.823                    
 GR    0.488    0.009    0.024    0.433     0.42  2  1.861                    
 IR    0.000    0.003    0.003    0.000    *5.53  1  1.861                    
 PO    0.051    0.000    0.000    0.035    *2.58  1  1.907                    
 SP    0.001    0.080    0.026    0.001    *4.91  2  1.823                    
 NZ    0.537    0.000    0.003    0.496     2.48  2  1.861                    
 VE    0.000    0.086    0.000    0.000   *26.50  2  1.823                    
 JO    0.000    0.025    0.017    0.610       -   -    -                      
 PH    0.482    0.013    0.001    0.523     4.22  2  1.790
Table 6b: Equation 11:Tests
 Equation 11:  logPX - log(PW$*E) is the LHS variable                         
                                                                              
       Restr      Stability                                                   
       p-val      AP (df) q                                                   
                                                                              
 Quarterly equations:                                                         
                                                                              
 CA    0.471     2.13  3  7.509                                               
 JA    0.000     1.59  3  5.560                                               
 AU    0.000     0.86  3  2.576                                               
 FR    0.001    *8.81  3  2.995                                               
 GE    0.000       -   -    -                                                 
 IT    0.025    *6.66  3  4.790                                               
 NE    0.863    *8.15  3  2.031                                               
 ST    0.003     1.60  3  1.000                                               
 UK    0.423     2.84  3  5.114                                               
 FI    0.008     4.07  3  2.677                                               
 AS    0.000     4.71  3  2.677                                               
 SO    0.010     1.86  3  5.022                                               
 KO    0.000    *6.04  3  3.487                                               
                                                                              
 Annual equations:                                                            
                                                                              
 BE    0.007     4.56  3  2.616                                               
 DE    0.261     0.34  3  1.477                                               
 NO    0.001   *10.74  3  4.947                                               
 SW    0.022    *7.54  3  5.160                                               
 GR    0.000     3.47  3  4.768                                               
 IR    0.811       -   -    -                                                 
 PO    0.000     4.24  3  5.444                                               
 SP    0.066     3.89  3  1.626                                               
 NZ    0.000     2.11  3  2.252                                               
 CO    0.090     1.23  3  1.817                                               
 JO    0.000       -   -    -                                                 
 SY    0.046    *7.25  2  3.850                                               
 ID    0.002     1.04  3  5.174                                               
 MA    0.481     0.39  2  1.861                                               
 PA    0.197     4.34  3  1.398                                               
 PH    0.060     2.28  3  4.182                                               
 TH    0.671     1.50  3  1.000                                               
 CH    0.463       -   -    -                                                 
 CE    0.135     2.18  3  1.000                                               
 ME    0.181     3.33  3  5.174
Table 6b: Equation 12:Tests
 Equation 12:  log W is the LHS variable                                      
                                                                              
       Restr    Lags     RHO+      Stability                                  
       p-val   p-val    p-val      AP (df) q                                  
                                                                              
 Quarterly equations:                                                         
                                                                              
 CA    0.141    0.003    0.003   *29.37  4  7.509                             
 JA    0.203    0.568    0.522   *60.84  5  7.509                             
 FR    0.104    0.727    0.416   *40.87  5  4.790                             
 IT    0.917    0.319    0.189    *8.40  5  4.790                             
 NE    0.433    0.704    0.226     2.59  5  2.031                             
 UK    0.217    0.581    0.573   *16.85  5  7.625                             
 AS    0.118    0.574    0.068   *12.33  5  7.509                             
 KO    0.000    0.412    0.000   *15.25  5  3.487                             
                                                                              
 Annual equations:                                                            
                                                                              
 SW    0.084    0.027    0.187   *12.09  5  5.160                             
 GR    0.826    0.218    0.102   *18.10  5  4.768                             
 SP    0.739    0.999    0.524   *32.30  5  4.947
Table 6b: Equation 13:Tests
 Equation 13:  log(J/J-1) is the LHS variable                                 
                                                                              
       Lags      RHO+     Leads      Stability                                
       p-val     p-val     p-val      AP (df) q                               
                                                                              
 Quarterly equations:                                                         
                                                                              
 CA    0.890    0.571    0.734   *11.68  5  7.509                             
 JA    0.372    0.416    0.663     6.23  4  7.509                             
 AU    0.004    0.161    0.541    *9.31  5  5.432                             
 FR    0.906    0.194    0.538   *10.47  4  4.790                             
 GE    0.000    0.000    0.010       -   -    -                               
 IT    0.217    0.038    0.386     1.14  4  4.790                             
 ST    0.659    0.278    0.264     7.00  4  1.000                             
 UK    0.002    0.207    0.505   *11.17  5  7.625                             
 FI    0.002    0.000    0.084   *12.84  5  2.677                             
 AS    0.085    0.414    0.171     3.72  5  7.509                             
                                                                              
 Annual equations:                                                            
                                                                              
 BE    0.164    0.143    0.183     5.21  4  5.444                             
 DE    0.204    0.159    0.370    *8.87  4  3.194                             
 NO    0.000    0.000    0.558     5.19  4  3.842                             
 SW    0.000    0.000    0.040   *29.78  4  5.160                             
 IR    0.291    0.280    0.165     4.22  4  2.988
Table 6b: Equation 14:Tests
 Equation 14:  log(L1/POP1) is the LHS variable                               
                                                                              
       Lags     logPY     RHO+     Stability                                  
      p-val     p-val    p-val     AP (df) q                                  
                                                                              
 Quarterly equations:                                                         
                                                                              
 CA    0.736    0.186    0.054    *9.84  5  8.205                             
 JA    0.849      -      0.629   *11.17  4  7.509                             
 AU    0.060      -      0.000     6.07  4  5.432                             
 FR    0.662    0.535    0.041   *10.11  5  4.790                             
 GE    0.531      -      0.014       -   -    -                               
 IT    0.143      -      0.373   *16.92  4  4.790                             
 UK    0.131      -      0.283    *9.86  4  7.625                             
 FI    0.008      -      0.000   *16.09  4  2.677                             
 AS    0.151      -      0.140    *8.70  4  7.509                             
                                                                              
 Annual equations:                                                            
                                                                              
 BE    0.881      -      0.627   *11.02  4  5.444                             
 DE    0.299      -      0.349   *12.74  4  3.194                             
 NO    0.000      -      0.013     4.40  4  4.947                             
 SW    0.010      -      0.019     1.88  4  5.160
Table 6b: Equation 15:Tests
 Equation 15:  log(L2/POP2) is the LHS variable                               
                                                                              
       Lags     logPY     RHO+     Stability                                  
      p-val     p-val    p-val     AP (df) q                                  
                                                                              
 Quarterly equations:                                                         
                                                                              
 CA    0.724    0.000    0.313   *96.30  5  7.509                             
 JA    0.180      -      0.423   *38.74  4  7.509                             
 AU    0.007      -      0.014   *17.61  4  5.432                             
 IT    0.221    0.227    0.000   *15.61  5  4.790                             
 ST    0.031      -      0.129    *9.06  4  1.000                             
 UK    0.000    0.000    0.000   *28.24  5  7.625                             
 FI    0.000      -      0.000    *9.62  4  2.677                             
 AS    0.786      -      0.211    *7.50  4  8.205                             
                                                                              
 Annual equations:                                                            
                                                                              
 BE    0.714      -      0.705   *21.32  4  5.444                             
 DE    0.457      -      0.441   *27.36  4  3.194                             
 IR    0.389    0.410    0.745     5.43  5  2.988