Chapter 5 Tables: May 9, 1997
Equation 1
Equation 2
Equation 3
Equation 4
Equation 5
Equation 6
Equation 7
Equation 8
Equation 9
Equation 10
Equation 11
Equation 12
Equation 13
Equation 14
Equation 15
Equation 16
Equation 17
Equation 18
Equation 20
Equation 21
Equation 22
Equation 23
Equation 24
Equation 25
Equation 26
Equation 27
Equation 28
Equation 30
Table 5.1: Equation 1
			    Table 5.1
                           Equation  1
                    LHS Variable is  log(CS/POP)             

	Equation                          Chi Square Tests          
RHS Variable                Est.  t-stat.  Test             ChiSq  df  p-val

cnst                       0.0821   2.23  Lags               7.47  3  0.0583
AG1                       -0.2522  -3.51  RHO=4              2.47  4  0.6505
AG2                        0.2534   1.11  T                 18.45  1  0.0000
AG3                        0.2558   1.35  Leads +1          14.04  1  0.0002
log(CS/POP){-1}            0.9257  28.76  Leads +4          32.66  4  0.0000
log[YD/(POP*PH)]           0.0795   2.54  Leads +8          33.77  2  0.0000
RSA                       -0.0010  -4.66  p4e                5.13  1  0.0235
                                          p8e                2.57  1  0.1091
                                          Other a           27.82  5  0.0000
                                          Spread             1.95  4  0.7450
SE    0.00404
R2      1.000
DW       1.86
Chi Square (AGE) =    14.32 (df =   3, p-value =   0.0025)
Stability Test:                                                             
    AP      T1    T2      lambda    Break

18.50  1970.1  1979.4    2.51  1971.4

Estimation period is 1954.1-1997.1
alog(AA/POP)-1, log(WA/PH), log(PCS/PH), Z, log[YNL/(POP*PH)]
Table 5.2: Equation 2
			    Table 5.2
                           Equation  2
                    LHS Variable is  log(CN/POP)             

	Equation                          Chi Square Tests          
RHS Variable                Est.  t-stat.  Test             ChiSq  df  p-val

cnst                      -0.1888  -2.43  Lags              21.44  4  0.0003
AG1                       -0.2103  -2.11  RHO=4             32.16  4  0.0000
AG2                        0.7363   2.51  T                  0.33  1  0.5658
AG3                       -0.3276  -1.82  Leads +1          12.09  1  0.0005
log(CN/POP){-1}            0.6730  16.33  Leads +4          14.45  4  0.0060
<>log(CN/POP){-1}            0.2067   3.29  Leads +8          15.42  2  0.0004
log(AA/POP){-1}            0.0394   3.97  p4e                2.16  1  0.1420
log[YD/(POP*PH)]           0.2049   7.09  p8e                0.31  1  0.5810
RMA                       -0.0012  -2.37  Other a           11.71  4  0.0197
                                          Spread            11.30  4  0.0234
SE    0.00571
R2      0.998
DW       1.88
Chi Square (AGE) =    37.98 (df =   3, p-value =   0.0000)
Stability Test:
    AP      T1    T2      lambda    Break

23.80  1970.1  1979.4    2.51  1973.2

Estimation period is 1954.1-1997.1
alog(WA/PH), log(PCN/PH), Z, log[YNL/(POP*PH)]
Table 5.3: Equation 3
			    Table 5.3
                           Equation  3
                    LHS Variable is  CD/POP                  

	Equation                          Chi Square Tests          
RHS Variable                Est.  t-stat.  Test             ChiSq  df  p-val

cnst                      -0.4606  -1.91  Lags               6.92  3  0.0745
AG1                        0.5637   1.26  RHO=4             22.61  4  0.0002
AG2                        0.7514   0.68  T                 31.82  1  0.0000
AG3                       -1.2474  -2.78  Leads +1          28.36  1  0.0000
(CD/POP){-1}               0.7097  12.54  Leads +4          38.69  4  0.0000
(KD/POP){-1}              -0.0093  -1.51  Leads +8          33.05  2  0.0000
YD/(POP*PH)                0.1155   5.10  p4e*CDA           10.47  1  0.0012
RMA*CDA                   -0.0043  -2.15  p8e*CDA           11.48  1  0.0007
                                          Other a           27.70  5  0.0000
                                          Spread            15.31  4  0.0041
SE    0.01297
R2      0.994
DW       1.92
Chi Square (AGE) =    18.28 (df =   3, p-value =   0.0004)
Stability Test:                                                             
    AP      T1    T2      lambda    Break

16.76  1970.1  1979.4    2.51  1979.1

Estimation period is 1954.1-1997.1
a(AA/POP)-1, WA/PH, PCD/PH, Z, YNL/(POP*PH)
Table 5.4: Equation 4
			    Table 5.4
                           Equation  4
                    LHS Variable is  IHH/POP

	Equation                          Chi Square Tests
RHS Variable                Est.  t-stat.  Test             ChiSq  df  p-val

cnst                       2.3560   2.68  Lags               1.62  4  0.8045
(IHH/POP){-1}              0.5668  10.71  RHO=4              0.87  2  0.6473
(KH/POP){-1}              -0.0810  -5.31  T                  1.54  1  0.2142
(AA/POP){-1}               0.0023   2.96  Leads +1           2.74  1  0.0981
YD/(POP*PH)                0.0864   3.26  Leads +4           9.09  4  0.0590
RMA{-1}*IHHA              -0.0275  -5.29  Leads +8           2.69  2  0.2612
RHO1                       0.6530   7.88  p4e{-1}*IHHA       0.20  1  0.6560
RHO2                       0.3406   4.13  p8e{-1}*IHHA       2.36  1  0.1245
                                          Other a           13.33  4  0.0098
                                          Spread             0.92  4  0.9219
SE    0.00943
R2      0.959
DW       2.03
Chi Square (AGE) =     1.90 (df =   3, p-value =   0.5928)
Stability Test:                                                             
    AP      T1    T2      lambda    Break

7.62  1970.1  1979.4    2.51  1975.4

Estimation period is 1954.1-1997.1
a(WA/PH)-1, (PIH/PH)-1, 'Z-1, [YNL/(POP*PH)]-1
Table 5.5: Equation 5
			    Table 5.5
                           Equation  5
                    LHS Variable is  log(L1/POP1)

	Equation                          Chi Square Tests
RHS Variable                Est.  t-stat.  Test             ChiSq  df  p-val

cnst                      -0.0024  -2.33  Lags               0.95  3  0.8136
log(L1/POP1){-1}           0.8433  21.06  RHO=4             29.61  4  0.0000
log(WA/PH)                 0.0009   0.34  Leads +1           0.03  1  0.8647
Z                          0.0110   1.24  Leads +4          11.23  4  0.0241
T                         -0.0001  -3.42  Leads +8           0.93  2  0.6294
                                          logPH              0.83  1  0.3614
                                          Other a            2.58  2  0.2757
SE    0.00208
R2      0.986
DW       2.11
Stability Test:                                                             
    AP      T1    T2      lambda    Break

5.74  1970.1  1979.4    2.51  1970.2

Estimation period is 1954.1-1997.1
alog(AA/POP)-1, log(YNL-1/(POP-1*PH-1))
Table 5.6: Equation 6
			    Table 5.6
                           Equation  6
                    LHS Variable is  log(L2/POP2)            

	Equation                          Chi Square Tests          
RHS Variable                Est.  t-stat.  Test             ChiSq  df  p-val

cnst                      -0.0024  -0.96  Lags              11.20  3  0.0107
log(L2/POP2){-1}           0.9869 213.89  RHO=4              5.72  4  0.2210
log(WA/PH)                 0.0180   2.53  T                  0.77  1  0.3813
Z                          0.0340   1.40  Leads +1           2.84  1  0.0921
                                          Leads +4          12.41  4  0.0146
                                          Leads +8           0.01  2  0.9971
                                          logPH              5.39  1  0.0202
                                          Other a           12.90  2  0.0016
SE    0.00594
R2      0.999
DW       2.14
Stability Test:                                                             
    AP      T1    T2      lambda    Break                                   

12.09  1970.1  1979.4    2.51  1973.1

Estimation period is 1954.1-1997.1
alog(AA/POP)-1,log[YNL/(POP*PH)]-1
Table 5.7: Equation 7
 			    Table 5.7
                           Equation  7
                    LHS Variable is  log(L3/POP3)            

	Equation                          Chi Square Tests          
RHS Variable                Est.  t-stat.  Test             ChiSq  df  p-val

cnst                      -0.0221  -1.16  Lags               7.74  4  0.1016
log(L3/POP3){-1}           0.9212  27.13  RHO=4              1.35  4  0.8527
log(WA/PH)                 0.0301   2.75  Leads +1           4.55  1  0.0329
Z                          0.0520   1.89  Leads +4          10.78  4  0.0291
log(AA/POP){-1}           -0.0051  -0.69  Leads +8           6.99  2  0.0303
T                         -0.0001  -2.84  logPH              0.82  1  0.3640
                                          Other a            8.10  1  0.0044
SE    0.00557
R2      0.982
DW       1.88
Stability Test:                                                             
    AP      T1    T2      lambda    Break                                   

5.73  1970.1  1979.4    2.51  1979.2

Estimation period is 1954.1-1997.1
alog[YNL/(POP*PH)]-1
Table 5.8: Equation 8
			    Table 5.8
                           Equation  8
                    LHS Variable is  log(LM/POP)             

	Equation                          Chi Square Tests          
RHS Variable                Est.  t-stat.  Test             ChiSq  df  p-val

cnst                      -0.2551  -2.81  Lags               8.33  3  0.0396
log(LM/POP){-1}            0.9237  36.84  RHO=4              3.57  4  0.4667
log(WA/PH)                 0.0404   1.14  T                  0.81  1  0.3674
Z                          1.1383   3.83  Leads +1           0.19  1  0.6595
                                          Leads +4           3.08  4  0.5447
                                          Leads +8           0.81  2  0.6670
                                          logPH              0.10  1  0.7563
                                          Other a            9.78  2  0.0075
SE    0.06819
R2      0.909
DW       1.96
Stability Test:                                                             
    AP      T1    T2      lambda    Break

5.92  1970.1  1979.4    2.51  1978.4

Estimation period is 1954.1-1997.1
alog(AA/POP)-1, log[YNL/(POP*PH)]-1
Table 5.9: Equation 9
			    Table 5.9
                           Equation  9
                    LHS Variable is  log[MH/(POP*PH)]        

	Equation                          Chi Square Tests          
RHS Variable                Est.  t-stat.  Test             ChiSq  df  p-val

cnst                      -0.0432  -0.84  logMH/POP*PH-1     0.54  1  0.4619
log[MH{-1}/(POP{-1}*PH)]   0.8743  25.83  Lags              14.45  3  0.0024
log[YD/(POP*PH)]           0.2082   3.85  RHO=4             49.85  3  0.0000
RSA                       -0.0035  -2.95
T                         -0.0009  -3.85
RHO1                      -0.1203  -1.46
 
SE    0.02541
R2      0.879
DW       1.93
Chi Square (AGE) =    21.23 (df =   3, p-value =   0.0001)
Stability Test:                                                             
    AP      T1    T2      lambda    Break                                   

25.79  1970.1  1979.4    2.51  1979.2

Estimation period is 1954.1-1997.1
Table 5.10: Equation 10
			    Table 5.10
                           Equation 10
                      LHS Variable is  logPF                   

		Equation                  
RHS Variable                Est.  t-stat.

logPF{-1}                  0.9162  45.47 
log[WF*(1+D5G)]-logLAM     0.0577   2.48 
cnst                      -0.0330  -1.98 
logPIM-logPF{-1}           0.0382  14.55 
log[((YS-Y)/YS)+.04]      -0.0037  -3.12 
T                          0.0003   7.19 
                                         
SE    0.00404
R2      1.000
DW       1.65

Estimation period is 1954.1-1997.1
Table 5.11: Equation 11
			   Table 5.11
                           Equation 11
                       LHS Variable is  Y                       

	Equation                          Chi Square Tests          
RHS Variable                Est.  t-stat.  Test             ChiSq  df  p-val

cnst                     120.8669   5.71  Lags               0.53  2  0.7681
Y{-1}                      0.3158   7.58  RHO=4              1.09  1  0.2975
X                          0.9048  20.65  T                  1.65  1  0.1990
V{-1}                     -0.3157  -8.50  Leads +1           7.81  1  0.0052
RHO1                       0.4318   5.62  Leads +8           9.40  2  0.0091
RHO2                       0.2314   2.92  Spread             9.91  4  0.0419
RHO3                       0.2664   3.64
 
SE    3.35322
R2      1.000
DW       2.02
Stability Test:                                                             
    AP      T1    T2      lambda    Break

13.94  1970.1  1979.4    2.51  1975.1

Estimation period is 1954.1-1997.1
Table 5.12: Equation 12
			   Table 5.12
                           Equation 12
                      LHS Variable is  <>IKF

	Equation                          Chi Square Tests
RHS Variable                Est.  t-stat.  Test             ChiSq  df  p-val

(KK-KKMIN){-1}            -0.0069  -2.99  Lags              26.78  5  0.0001
IKF{-1}-DELK*KK{-1}       -0.0095  -0.79  RHO=4              8.68  4  0.0695
<>Y                        0.0746   3.45  T                  1.48  1  0.2234
<>Y{-1}                    0.0372   2.16  Leads +1           0.03  1  0.8658
<>Y{-2}                    0.0196   1.17  Leads +4           2.17  4  0.7036
<>Y{-3}                    0.0252   1.51  Leads +8           1.12  2  0.5726
<>Y{-4}                    0.0144   0.88  cnst               0.23  1  0.6309
TXCR*IKFA                  0.0028   0.90  Spread             1.73  4  0.7858
RB'{-3}*IKFA              -0.0007  -1.08
 
SE    1.45939
R2      0.398
DW       1.98
Stability Test:                                                             
    AP      T1    T2      lambda    Break

1.65  1970.1  1979.4    2.51  1978.2

Estimation period is 1954.1-1997.1
Table 5.13: Equation 13
			   Table 5.13
                           Equation 13
                    LHS Variable is  <>logJF

	Equation                          Chi Square Tests          
RHS Variable                Est.  t-stat.  Test             ChiSq  df  p-val

cnst                      -0.5305  -3.84  Lags              35.95  5  0.0000
DD772                     -0.0339  -0.13  RHO=4             14.60  4  0.0056
log(JF/JHMIN){-1}         -0.0855  -3.83  Leads +1           3.47  1  0.0624
DD772*log(JF/JHMIN){-1}   -0.0074  -0.17  Leads +4          17.42  4  0.0016
<>logJF{-1}                0.4236   7.70  Leads +8           6.20  2  0.0451
DD772*<>logJF{-1}         -0.0443  -0.39
T                          0.0001   3.66
DD772*T                   -0.0001  -2.15
<>logY                     0.3122   8.90
 
SE    0.00329
R2      0.736
DW       2.00

Estimation period is 1954.1-1997.1
Table 5.14: Equation 14
			   Table 5.14
                           Equation 14
                    LHS Variable is  <>logHF                 

	Equation                          Chi Square Tests          
RHS Variable                Est.  t-stat.  Test             ChiSq  df  p-val

cnst                       0.5392   4.02  Lags               5.62  4  0.2292
DD772                      0.4547   3.27  RHO=4              5.35  3  0.1478
logHF{-1}                 -0.1714  -5.71  Leads +1           0.65  1  0.4198
log(JF/JHMIN){-1}         -0.0846  -4.53  Leads +4           2.87  4  0.5802
DD772*log(JF/JHMIN){-1}    0.0769   3.38  Leads +8           0.13  2  0.9368
T                         -0.0001  -4.64
DD772*T                    0.0001   4.10
<>logY                     0.1660   6.53
RHO1                      -0.1910  -2.32
 
SE    0.00256
R2      0.459
DW       2.00

Estimation period is 1954.1-1997.1
Table 5.15: Equation 15
			   Table 5.15
                           Equation 15
                    LHS Variable is  logHO                   

	Equation                          Chi Square Tests          
RHS Variable                Est.  t-stat.  Test             ChiSq  df  p-val

cnst                       3.9253  57.46  Lags               1.17  2  0.5568
HFF                        0.0203   8.53  RHO=4              3.07  3  0.3803
HFF{-1}                    0.0120   5.05  T                  5.11  1  0.0238
RHO1                       0.9453  33.55
 
SE    0.04587
R2      0.947
DW       1.83
Stability Test:                                                             
    AP      T1    T2      lambda    Break

3.98  1970.1  1979.4    2.64  1975.4

Estimation period is 1956.1-1997.1
Table 5.16: Equation 16
			   Table 5.16
                           Equation 16
                    LHS Variable is  logWF-logLAM            

		Equation                 
RHS Variable                Est.  t-stat.

logWF{-1}-logLAM{-1}       0.9058  32.46 
logPF                      0.6746   8.72 
cnst                      -0.0532  -4.57
T                          0.0003   0.94
logPF{-1}a                -0.5895   0.00

SE    0.00660
R2      0.958
DW       1.59

Estimation period is 1954.1-1997.1
aCoefficient constrained. See the discussion in the text.
Table 5.17: Equation 17
			   Table 5.17
                           Equation 17
                    LHS Variable is  log(MF/PF)              

	Equation                          Chi Square Tests
RHS Variable                Est.  t-stat.  Test             ChiSq  df  p-val

cnst                       0.0946   1.10  log(MF/PF){-1}     0.70  1  0.4014
log(MF{-1}/PF)             0.9625  41.76  Lags               8.28  3  0.0405
log(X-FA)                  0.0180   1.64  RHO=4             18.57  4  0.0010
RS*(1-D2G-D2S)            -0.0009  -0.41  T                  0.01  1  0.9352
 
SE    0.03263
R2      0.963
DW       2.38
Stability Test:                                                             
    AP      T1    T2      lambda    Break                                   

5.51  1970.1  1979.4    2.51  1976.2

Estimation period is 1954.1-1997.1
Table 5.18: Equation 18
			   Table 5.18
                           Equation 18
                    LHS Variable is  log(DF/DF{-1})          

	Equation                          Chi Square Tests          
RHS Variable                Est.  t-stat.  Test             ChiSq  df  p-val

log(PIEF-TFG-TFS)/DF-1     0.0233  10.91  Restriction        9.66  1  0.0019
                                          Lags               2.91  2  0.2329
                                          RHO=4             15.49  4  0.0038
                                          T                 11.12  1  0.0009
                                          cnst               3.58  1  0.0587
SE    0.02291
R2     -0.001
DW       1.75
Stability Test:                                                             
    AP      T1    T2      lambda    Break

7.47  1970.1  1979.4    2.51  1976.1

Estimation period is 1954.1-1997.1
Table 5.20: Equation 20
			   Table 5.20
                           Equation 20
                      LHS Variable is  IVA

	Equation                          Chi Square Tests          
RHS Variable                Est.  t-stat.  Test             ChiSq  df  p-val

cnst                      -1.1374  -1.82  Lags               8.78  2  0.0124
(PX-PX{-1})*V{-1}         -0.2572  -3.27  RHO=4             16.45  3  0.0009
RHO1                       0.6192   9.52  T                  0.47  1  0.4913
 
SE    2.37723
R2      0.557
DW       2.06
Stability Test:                                                             
    AP      T1    T2      lambda    Break

3.43  1970.1  1979.4    2.51  1974.4

Estimation period is 1954.1-1997.1
Table 5.21: Equation 21
			   Table 5.21
                           Equation 21
                    LHS Variable is  log(CCF/CCF{-1})        

	Equation                          Chi Square Tests          
RHS Variable                Est.  t-stat.  Test             ChiSq  df  p-val

log[(PIK*IKF)/CCF{-1}]     0.0570  17.38  Restriction        9.47  1  0.0021
D811824                    0.0238   4.32  Lags              10.49  2  0.0053
D831834                    0.0260   3.41  RHO=4             11.31  4  0.0233
                                          T                  9.58  1  0.0020
                                          cnst               8.35  1  0.0039
SE    0.01518
R2      0.258
DW       1.72

Estimation period is 1954.1-1997.1
Table 5.22: Equation 22
			   Table 5.22
                           Equation 22
                    LHS Variable is  BO/BR

	Equation                          Chi Square Tests          
RHS Variable                Est.  t-stat.  Test             ChiSq  df  p-val

cnst                       0.0024   0.72  Lags               7.02  3  0.0713
(BO/BR){-1}                0.3444   4.81  RHO=4             29.37  4  0.0000
RS                         0.0046   1.57  T                  2.92  1  0.0876
RD                        -0.0023  -0.85
 
SE    0.01974
R2      0.317
DW       2.07
Stability Test:                                                             
    AP      T1    T2      lambda    Break

7.82  1970.1  1979.4    2.51  1975.2

Estimation period is 1954.1-1997.1
Table 5.23: Equation 23
			   Table 5.23
                           Equation 23
                    LHS Variable is  RB-RS{-2}               

	Equation                          Chi Square Tests
RHS Variable                Est.  t-stat.  Test             ChiSq  df  p-val

cnst                       0.2416   4.96  Restriction        1.04  1  0.3069
RB{-1}-RS{-2}              0.8858  42.09  Lags               1.93  2  0.3808
RS-RS{-2}                  0.3059   8.90  RHO=4              9.87  3  0.0197
RS{-1}-RS{-2}             -0.2334  -5.37  T                  4.35  1  0.0371
RHO1                       0.2397   3.07  Leads +1           0.08  1  0.7742
                                          Leads +4           5.49  4  0.2409
                                          p4e                2.24  1  0.1346
                                          p8e                2.26  1  0.1328
SE    0.26172
R2      0.958
DW       2.03
Stability Test:                                                             
    AP      T1    T2      lambda    Break                                   

4.46  1970.1  1979.4    2.51  1979.4

Estimation period is 1954.1-1997.1
Table 5.24: Equation 24
			   Table 5.24
                           Equation 24
                    LHS Variable is  RM-RS{-2}               

	Equation                          Chi Square Tests          
RHS Variable                Est.  t-stat.  Test             ChiSq  df  p-val

cnst                       0.4564   5.73  Restriction        1.76  1  0.1850
RM{-1}-RS{-2}              0.8502  33.87  Lags               1.60  2  0.4487
RS-RS{-2}                  0.2735   5.83  RHO=4              2.20  4  0.6989
RS{-1}-RS{-2}             -0.0377  -0.57  T                  2.67  1  0.1022
                                          Leads +1           1.44  1  0.2304
                                          Leads +4          13.28  4  0.0100
                                          Leads +8           4.29  2  0.1171
                                          p4e                1.14  1  0.2849
                                          p8e                1.58  1  0.2091
SE    0.35901
R2      0.894
DW       1.94
Stability Test:                                                             
    AP      T1    T2      lambda    Break

4.40  1970.1  1979.4    2.51  1979.4

Estimation period is 1954.1-1997.1
Table 5.25: Equation 25
			   Table 5.25
                           Equation 25
                       LHS Variable is  CG

	Equation                          Chi Square Tests          
RHS Variable                Est.  t-stat.  Test             ChiSq  df  p-val

cnst                      38.4485   5.19  Lags              26.41  3  0.0000
<>RB                    -115.3862  -3.98  RHO=4             39.90  4  0.0000
<>(CF-TFG-TFS)            -0.9484  -0.36  T                 22.09  1  0.0000
                                          Leads +1           1.71  2  0.4261
                                          Leads +4           9.04  8  0.3388
                                          Leads +8           1.50  4  0.8262
                                          Ch RS              0.89  1  0.3445
SE   96.50751
R2      0.177
DW       1.51
Stability Test:                                                             
    AP      T1    T2      lambda    Break                                   

8.51  1970.1  1979.4    2.51  1979.3

Estimation period is 1954.1-1997.1
Table 5.26: Equation 26
			   Table 5.26
                           Equation 26
                    LHS Variable is  log[CUR/(POP*PF)]       

	Equation                          Chi Square Tests          
RHS Variable                Est.  t-stat.  Test             ChiSq  df  p-val

cnst                      -0.0544  -8.35  logCUR/POP*PF-1    7.28  1  0.0070
logCUR{-1}/(POP{-1}*PF)    0.9571 117.95  Lags               7.33  3  0.0620
log[(X-FA)/POP]            0.0506   8.49  RHO=4             12.11  3  0.0070
RSA                       -0.0011  -2.55  T                  0.17  1  0.6835
RHO1                      -0.2767  -3.74
 
SE    0.00979
R2      0.996
DW       1.97
Stability Test:                                                             
    AP      T1    T2      lambda    Break                                   

7.86  1970.1  1979.4    2.51  1977.3

Estimation period is 1954.1-1997.1
Table 5.27: Equation 27
			   Table 5.27
                           Equation 27
                    LHS Variable is  log(IM/POP)             

	Equation                          Chi Square Tests          
RHS Variable                Est.  t-stat.  Test             ChiSq  df  p-val

cnst                      -0.5688  -4.09  Lags               8.15  4  0.0864
log(IM/POP){-1}            0.8627  25.92  RHO=4             26.58  4  0.0000
log[YD/(POP*PH)]           0.3623   4.25  T                 18.49  1  0.0000
log(PF/PIM)                0.0485   2.20  Leads +1           0.26  1  0.6132
RMA{-1}                   -0.0036  -1.97  Leads +4          16.18  4  0.0028
D691                      -0.1182  -3.89  Leads +8           1.80  2  0.4070
D692                       0.1443   4.70  p4e               31.76  1  0.0000
D714                      -0.0918  -3.02  p8e               23.41  1  0.0000
D721                       0.1057   3.47  logPF             27.72  1  0.0000
                                          log[(X-FA)/POP]    2.41  1  0.1207
                                          Other a           26.18  4  0.0000
                                          Spread            37.80  4  0.0000
SE    0.03004
R2      0.997
DW       1.71

Estimation period is 1954.1-1997.1
alog(AA/POP)-1, log(WA/PH), Z, log[YNL/(POP*PH)]
Table 5.28: Equation 28
			    Table 5.28
                           Equation 28
                    LHS Variable is  logUB                   

	Equation                          Chi Square Tests
RHS Variable                Est.  t-stat.  Test             ChiSq  df  p-val

cnst                       0.2648   0.69  Lags              12.41  3  0.0061
logUB{-1}                  0.2727   4.02  RHO=4              5.61  3  0.1325
logU                       1.1536   9.93  T                  2.15  1  0.1425
logWF                      0.3442   5.20
RHO1                       0.7979  14.09
 
SE    0.06470
R2      0.996
DW       2.17
Stability Test:                                                             
    AP      T1    T2      lambda    Break

11.72  1970.1  1979.4    2.51  1975.1

Estimation period is 1954.1-1997.1
Table 5.30: Equation 30
			   Table 5.30
                           Equation 30
                       LHS Variable is  RS

	Equation                          Chi Square Tests
RHS Variable                Est.  t-stat.  Test             ChiSq  df  p-val

cnst                     -15.5405  -6.43  Lags               8.43  6  0.2080
RS{-1}                     0.8872  49.33  RHO=4              3.89  4  0.4209
100*[(PD/PD{-1})^4-1]      0.0712   3.74  T                  0.61  1  0.4365
JJS                       15.8082   6.50  Leads +1           2.20  3  0.5320
PCGDPR                     0.0747   4.92  Leads +4          10.12 12  0.6059
PCM1{-1}                   0.0204   3.35  Leads +8           4.02  6  0.6738
D794823*PCM1{-1}           0.2281   9.73  p4e                0.75  1  0.3870
<>RS{-1}                   0.2146   3.73  p8e                1.24  1  0.2664
<>RS{-2}                  -0.2954  -5.44
 
SE    0.49582
R2      0.970
DW       1.96

Estimation period is 1954.1-1997.1