Chapter 6 Tables: May 21, 1997 |
~ means variable is lagged one period. * means hypothesis of stability is rejected at the one percent level. Equation 1: Estimates |
Table 6a: Equation 1: Estimates |
Equation 1: log(M/POP) is the LHS variable Cty Cnst LHS-1 logPY/PM RS RB logY/POP A/(PY*YS) RHO SE DW -1 Quarterly equations: CA -1.344 0.820 0.079 -0.0071~ - 0.317 0.010 - 0.0386 2.25 (-4.28)(19.26) (1.50) (-4.68) (4.71) (0.51) 1966.1-1996.1 JA -0.074 0.899 0.043 -0.0033~ - 0.076 - - 0.0356 2.31 (-0.40)(23.73) (2.51) (-1.67) (1.58) 1967.3-1995.4 AU -2.581 0.428 0.214 - - 1.075 0.028 - 0.0369 2.12 (-4.76) (4.88) (2.26) (5.45) (0.63) 1971.1-1994.1 FR -1.815 0.527 0.126 -0.0020~ - 0.929 - - 0.0298 2.23 (-4.06) (5.41) (2.20) (-1.04) (4.28) 1976.1-1995.2 GE -0.784 0.695 0.035 -0.0027 - 0.395 0.035 - 0.0274 2.34 (-2.55)(10.01) (1.02) (-2.15) (2.44) (2.54) 1969.1-1995.4 IT -2.245 0.692 - - - 0.521 - - 0.0636 2.32 (-3.61) (8.99) (3.92) 1971.1-1995.3 NE -0.200 0.908 0.022~ -0.0034~ - 0.164 - -0.439 0.0324 1.94 (-1.21)(14.48) (0.60) (-2.47) (1.55) (-3.75) 1978.2-1995.4 ST -1.718 0.673 - - -0.0291 1.117 - - 0.0323 2.06 (-4.07) (8.95) (-6.09) (4.29) 1971.1-1994.4 UK -4.379 0.568 0.034~ - -0.0027 0.913 - - 0.0332 1.92 (-6.04) (8.08) (0.87) (-1.34) (6.16) 1966.1-1995.2 FI -3.487 0.542 0.042~ -0.0078~ - 0.736 - -0.457 0.0703 2.05 (-3.55) (4.92) (0.79) (-3.49) (4.26) (-3.67) 1976.1-1995.4 AS -5.786 0.683 0.287 - -0.0029 0.934 0.079 - 0.0457 1.85 (-4.83)(12.59) (4.73) (-1.05) (5.90) (2.26) 1971.1-1995.4 SO -0.698 0.784 0.262 -0.0098~ - 0.278 - - 0.0764 2.43 (-0.95)(19.65) (3.50) (-4.88) (2.39) 1962.1-1995.3 KO -0.378 0.837 0.126 - - 0.192 - - 0.0938 2.15 (-1.56)(20.52) (1.75) (3.21) 1965.1-1995.4 Cty Cnst LHS-1 logPY/PM RS RB logY/POP A/(PY*YS) RHO SE DW -1 Annual equations: BE - 0.847 0.236 - - 0.146 - - 0.0451 2.12 (22.24) (2.65) (4.31) 1966.0-1992.0 DE -0.922 0.405 0.124 - - 0.612 - - 0.0542 1.87 (-1.89) (2.76) (1.01) (3.31) 1967.0-1993.0 NO -0.129 0.614 - - - 0.300 0.057 - 0.0640 2.03 (-0.18) (3.91) (1.31) (0.54) 1966.0-1993.0 SW -3.724 0.206 - - - 1.295 - - 0.0416 1.81 (-4.22) (1.28) (4.55) 1966.0-1993.0 GR -1.230 0.397 - - - 0.641 - - 0.0856 1.89 (-1.68) (2.25) (2.79) 1964.0-1993.0 IR -3.168 0.211 0.170 - - 1.071 - - 0.0613 1.75 (-2.36) (0.95) (1.46) (3.21) 1972.0-1992.0 PO -2.156 0.845 - - -0.0058 0.467 - - 0.1087 1.45 (-1.80) (7.26) (-0.94) (1.79) 1962.0-1992.0 SP -3.161 0.526 0.445 - - 0.803 - - 0.0707 1.38 (-1.94) (3.59) (3.73) (2.46) 1964.0-1992.0 NZ-10.611 0.132 0.377 - -0.0085 1.793 - - 0.0805 2.22 (-4.78) (0.98) (3.49) (-1.54) (5.84) 1962.0-1994.0 SA - 0.867 - - - 0.075 - - 0.1589 0.76 (16.73) (2.99) 1970.0-1994.0 VE - 0.581 0.399 - - 0.261 - - 0.2174 1.59 (4.17) (1.28) (3.01) 1963.0-1994.0 CO -7.222 0.162 1.237 - - 1.689 - - 0.1011 1.65 (-3.97) (0.89) (3.92) (4.61) 1972.0-1994.0 JO -1.058 0.688 - - - 0.449 - - 0.1188 1.40 (-0.81) (4.86) (1.45) 1971.0-1995.0 SY 1.864 0.380 - - - 0.293 - - 0.2128 2.17 (1.17) (1.99) (1.44) 1965.0-1994.0 MA -4.368 0.518 0.098 - - 0.955 - - 0.0871 1.46 (-3.49) (3.12) (0.53) (3.38) 1972.0-1993.0 PA -0.929 0.561 0.561 - - 0.517 - - 0.0640 1.49 (-2.19) (3.34) (2.28) (2.43) 1976.0-1993.0 PH -0.560 0.806 - - - 0.291 - - 0.1425 1.22 (-1.14) (5.92) (1.42) 1962.0-1993.0 TH -0.374 0.802 - - - 0.255 - - 0.1041 1.19 (-1.67) (6.85) (1.92) 1962.0-1994.0 |
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) RHO SE DW -1 Quarterly equations: CA -0.306 0.786 - -0.0019~ 0.240 0.017 - 0.0079 2.26 (-4.64) (15.05) (-4.42) (4.39) (4.08) 1966.1-1996.1 JA 0.078 0.801 - -0.0016 0.173 - -0.243 0.0091 2.07 (2.75) (17.80) (-3.16) (3.94) (-2.55) 1967.3-1995.4 AU -0.398 0.483 -0.0039 - 0.555~ - -0.253 0.0164 2.08 (-2.96) (3.29) (-3.89) (3.44) (-2.07) 1971.1-1994.1 FR -0.079 0.837 -0.0005 - 0.164 - - 0.0057 2.26 (-1.39) (12.23) (-1.87) (2.17) 1976.1-1995.2 GE 0.014 0.899 -0.0011 - 0.066 0.005 -0.235 0.0071 2.02 (0.44) (36.65) (-4.49) (2.19) (2.51) (-2.35) 1969.1-1995.4 IT -0.105 0.865 -0.0014 - 0.143 - 0.811 0.0038 1.81 (-0.75) (13.74) (-3.80) (1.99) (11.16) 1971.1-1995.3 NE -0.010 0.868 - -0.0013 0.110 - - 0.0093 2.65 (-0.25) (12.41) (-1.35) (1.84) 1978.2-1995.4 ST 0.019 0.832 - -0.0039~ 0.128 0.001 0.521 0.0043 1.53 (0.33) (13.56) (-4.07) (2.55) (0.36) (4.79) 1971.1-1994.4 UK -0.263 0.851 -0.0010~ - 0.173 0.020 -0.243 0.0106 2.02 (-3.27) (26.37) (-3.61) (4.40) (4.59) (-2.62) 1966.1-1995.2 FI 0.028 0.811 -0.0013 - 0.177 0.030 - 0.0117 2.11 (0.20) (12.60) (-2.62) (2.60) (2.29) 1976.1-1995.4 AS -0.466 0.900 -0.0009 - 0.151 0.010 - 0.0080 2.25 (-2.48) (23.33) (-2.90) (3.21) (1.85) 1971.1-1995.4 SO 0.491 0.811 -0.0007~ - 0.110 - - 0.0213 2.08 (2.53) (17.50) (-2.05) (2.94) 1962.1-1995.3 KO 0.143 0.836 - - 0.131 - -0.559 0.0314 2.22 (2.76) (16.62) (3.30) (-6.67) 1971.1-1995.4 Cty Cnst LHS-1 RS RB logY/POP A/(PY*YS) RHO SE DW -1 Annual equations: BE -0.260 0.523 - -0.0029 0.490 - - 0.0111 1.69 (-2.37) (4.24) (-1.63) (3.90) 1966.0-1992.0 DE 0.660 0.433 - -0.0006 0.367 - - 0.0213 1.33 (3.42) (2.74) (-0.48) (3.24) 1967.0-1993.0 NO 0.379 0.416 - - 0.433 - - 0.0219 1.36 (3.76) (2.40) (3.13) 1966.0-1993.0 SW 0.488 0.596 - - 0.254 - - 0.0174 1.07 (3.58) (4.90) (2.69) 1966.0-1993.0 GR 0.229 0.716 - - 0.239 - - 0.0151 1.60 (1.79) (7.71) (2.31) 1964.0-1993.0 IR 1.468 0.477 - - 0.329 - - 0.0304 1.14 (2.16) (2.28) (2.43) 1972.0-1992.0 PO -0.727 0.560 - -0.0084 0.544 - - 0.0348 2.19 (-3.35) (6.98) (-4.28) (6.28) 1962.0-1992.0 SP -0.128 0.583 -0.0033 - 0.416 - - 0.0127 1.88 (-1.37) (6.23) (-2.77) (4.77) 1964.0-1992.0 NZ 1.140 0.449 - -0.0028 0.413 - - 0.0212 1.25 (2.33) (4.30) (-2.17) (4.84) 1962.0-1994.0 SA - 0.898 - - 0.073 - - 0.1738 1.64 (11.31) (1.43) 1970.0-1994.0 VE -0.284 0.793 - - 0.244 - - 0.0758 1.84 (-0.32) (7.72) (1.49) 1963.0-1994.0 CO 0.458 0.552 - - 0.350 - - 0.0223 1.43 (1.19) (3.91) (3.11) 1972.0-1992.0 SY 0.516 0.106 - - 0.811 - - 0.0603 1.54 (1.11) (0.90) (7.36) 1965.0-1994.0 ID 0.251 - -0.0029 - 0.630 - - 0.0231 2.27 (5.53) (-1.54) (16.59) 1962.0-1992.0 MA 0.067 0.512 - - 0.445 - - 0.0419 1.44 (0.19) (2.86) (2.91) 1972.0-1993.0 PA 0.153 0.596 - - 0.270 - - 0.0337 1.45 (1.38) (2.90) (1.78) 1976.0-1993.0 PH 0.124 0.719 - - 0.203 - - 0.0217 1.55 (1.62) (8.83) (3.13) 1962.0-1993.0 TH 0.060 0.511 - - 0.405 - - 0.0200 2.04 (2.36) (5.83) (5.77) 1962.0-1994.0 |
Table 6a: Equation 3: Estimates |
Equation 3: logI is the LHS variable Cty Cnst logI-1 logY RS RB SE DW Quarterly equations: CA -0.649 0.859 0.179 - -0.0018~ 0.0216 1.50 (-3.78) (25.47) (4.21) (-1.80) 1966.1-1996.1 JA 0.404 0.926 0.035 - -0.0061 0.0200 1.84 (4.14) (30.65) (1.09) (-4.67) 1967.3-1995.4 AU 0.204 0.864 0.083 - -0.0099~ 0.0363 2.55 (1.37) (15.30) (1.66) (-2.73) 1971.1-1994.1 FR 0.115 0.954 0.023 -0.0025~ - 0.0138 1.62 (1.27) (33.07) (0.85) (-4.04) 1976.1-1995.2 GE -0.054 0.987 0.023 -0.0036~ - 0.0164 2.13 (-0.92) (46.52) (1.12) (-4.90) 1971.1-1995.4 IT 0.350 0.912 0.051 -0.0018~ - 0.0177 1.06 (1.94) (27.79) (2.55) (-3.64) 1971.1-1995.3 NE -0.495 0.545 0.422 - -0.0092~ 0.0382 2.41 (-1.70) (5.78) (4.00) (-2.54) 1980.1-1995.4 ST -0.314 0.938 0.124 - - 0.0197 0.63 (-2.04) (28.44) (2.06) 1971.1-1994.4 UK 0.014 0.847 0.133 - -0.0041~ 0.0281 2.09 (0.08) (20.45) (3.34) (-3.46) 1966.1-1995.2 AS 0.164 0.882 0.089 -0.0005 - 0.0271 1.55 (0.84) (13.14) (1.83) (-0.54) 1971.1-1995.4 SO -0.738 0.934 0.134 - -0.0082~ 0.0405 2.34 (-2.06) (43.47) (2.84) (-3.45) 1962.1-1995.3 KO -0.846 0.772 0.286 - - 0.0883 2.37 (-3.49) (14.87) (4.21) 1964.1-1995.4 Cty Cnst logI-1 logY RS RB SE DW Annual equations: GR 1.748 0.699 0.068 - - 0.0869 1.67 (2.96) (5.37) (0.73) 1965.0-1993.0 IR 1.779 0.713 0.064 - - 0.0809 1.65 (2.03) (5.07) (0.68) 1972.0-1994.0 SP -0.848 0.688 0.368 -0.0149 - 0.0630 1.50 (-1.16) (5.74) (2.34) (-2.58) 1964.0-1992.0 NZ -3.916 0.408 0.866 - -0.0119 0.0812 1.02 (-3.48) (2.75) (4.36) (-2.40) 1962.0-1994.0 SA -0.749 0.695 0.359 - - 0.1835 1.63 (-0.73) (5.05) (1.38) 1970.0-1994.0 CO -2.231 0.398 0.724 - - 0.0675 1.57 (-3.04) (2.21) (3.52) 1972.0-1994.0 JO - 0.816 0.161 - - 0.1662 1.21 (8.89) (2.15) 1971.0-1995.0 ID -2.742 0.499 0.744 -0.0031 - 0.0393 1.19 (-4.28) (4.16) (4.35) (-0.96) 1962.0-1992.0 MA -1.548 0.627 0.474 - - 0.1014 0.76 (-1.70) (4.32) (2.42) 1972.0-1993.0 PA -1.376 0.201 0.798 - - 0.0455 0.80 (-3.06) (1.04) (3.96) 1976.0-1993.0 PH - 0.821 0.141 - - 0.1327 1.11 (10.52) (2.42) 1962.0-1993.0 TH -1.628 0.518 0.635 - - 0.0616 0.91 (-3.55) (4.33) (3.95) 1962.0-1994.0 |
Table 6a: Equation 4: Estimates |
Equation 4: Y is the LHS variable Cty Cnst Y-1 X V-1 RHO q a b SE DW Quarterly equations: CA 742.93 0.354 0.677 -0.0638 0.706 0.646 0.099 0.484 547.44 2.26 (1.13) (5.26) (9.28) (-1.88) (8.31) 1966.1-1996.1 JA 341.77 0.238 0.800 -0.0730 0.413 0.762 0.096 0.529 224.59 2.00 (2.28) (5.58) (18.33) (-4.88) (4.67) 1967.3-1995.4 AU -8.84 0.483 0.571 -0.0374 - 0.517 0.072 1.446 2.56 1.83 (-1.19) (5.68) (5.83) (-1.29) 1971.1-1994.1 GE 2.24 0.159 0.855 -0.0426 0.694 0.841 0.051 0.337 2.59 2.10 (0.52) (2.46) (12.61) (-1.61) (8.10) 1969.1-1995.4 IT -19930.83 0.454 0.707 -0.0768 0.389 0.546 0.141 2.099 1388.45 2.09 (-2.41) (3.06) (3.82) (-2.61) (2.98) 1971.1-1995.3 NE -21.13 0.376 0.840 -0.2487 0.245 0.624 0.399 0.869 0.81 2.02 (-3.84) (7.42) (12.28) (-3.75) (1.71) 1978.2-1995.4 UK 60.49 0.167 0.866 -0.0858 0.589 0.833 0.103 0.387 690.88 2.12 (0.06) (3.53) (16.83) (-2.21) (6.13) 1966.1-1995.2 AS 57.70 0.345 0.696 -0.0829 0.370 0.655 0.127 0.498 542.70 2.03 (0.14) (4.30) (8.21) (-2.37) (2.82) 1971.1-1995.4 KO 357.82 0.116 0.888 -0.0308 0.295 0.884 0.035 0.109 541.74 1.99 (1.88) (2.58) (20.04) (-1.61) (3.31) 1964.1-1995.4 Cty Cnst Y-1 X V-1 RHO q a b SE DW Annual equations: DE 8.24 - 0.996 -0.0812 - 1.000 0.081-0.053 3.59 1.51 (1.62) (60.68) (-0.60) 1967.0-1993.0 SW 51.50 0.212 0.748 -0.0209 - 0.788 0.027-1.930 11.69 1.26 (3.74) (1.98) (6.97) (-0.38) 1966.0-1993.0 GR -386.54 0.508 0.626 -0.1508 - 0.492 0.307 0.890 158.95 2.10 (-1.38) (5.02) (5.98) (-2.86) 1964.0-1993.0 IR -71.02 0.327 0.756 -0.4006 - 0.673 0.596 0.208 240.90 1.38 (-0.23) (2.89) (7.80) (-2.26) 1972.0-1994.0 PO -105.23 0.394 0.620 -0.0169 - 0.606 0.028 0.841 153.32 1.23 (-0.47) (2.20) (2.89) (-0.19) 1962.0-1992.0 SP -561.80 0.071 1.010 -0.3115 - 0.929 0.335 0.258 131.45 1.85 (-2.69) (1.73) (29.04) (-4.98) 1964.0-1994.0 SA 6.10 0.166 0.816 -0.1718 - 0.834 0.206-0.104 8.39 1.34 (0.84) (1.95) (9.06) (-1.18) 1970.0-1994.0 CO -1013.00 0.304 0.857 -0.2436 - 0.696 0.350 0.664 107.65 1.74 (-2.53) (3.28) (10.28) (-3.01) 1972.0-1994.0 PA -36.55 0.099 1.024 -0.3715 - 0.901 0.412 0.330 1.37 1.24 (-6.34) (2.96) (35.45) (-5.75) 1976.0-1993.0 TH 7.23 0.051 0.961 -0.0276 - 0.949 0.029 0.459 9.47 2.15 (2.28) (0.74) (15.63) (-0.60) 1962.0-1994.0 |
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 -0.070 0.947 0.012 0.021 -0.13469~ 0.00047 0.499 0.0053 2.25 (-0.67) ( 17.53) ( 0.25) ( 1.44) (-5.16) ( 1.99) ( 5.43) 1966.1-1996.1 JA -0.765 0.742 0.139 0.028 -0.24050 0.00152 0.688 0.0074 2.15 (-3.09) ( 10.23) ( 2.73) ( 2.06) (-3.36) ( 3.07) ( 7.06) 1967.3-1995.4 AU -0.734 0.840 0.095~ 0.041~ 0.00023 0.00086 -0.397 0.0104 1.99 (-2.40) ( 15.25) ( 2.13) ( 2.57) ( 1.04) ( 2.26) (-3.64) 1971.1-1994.1 FR -0.742 0.848 0.099 0.019~ -0.06777~ 0.00050 0.291 0.0047 1.79 (-2.74) ( 18.14) ( 2.76) ( 1.35) (-0.66) ( 2.14) ( 2.41) 1976.1-1995.2 GE -0.469 0.877 0.047~ 0.018 -0.07823~ 0.00053 - 0.0031 1.88 (-6.26) ( 57.14) ( 5.51) ( 4.65) (-4.91) ( 5.05) 1969.1-1994.4 IT -0.157 0.941 0.018 0.042 -0.17374 0.00114 - 0.0069 1.69 (-2.01) ( 29.46) ( 0.64) ( 6.23) (-5.62) ( 4.97) 1971.1-1995.3 NE -0.730 0.714 0.130~ 0.075 - 0.00091 - 0.0080 1.57 (-1.77) ( 9.30) ( 1.30) ( 4.53) ( 2.05) 1978.2-1995.4 ST 0.002 0.979 - 0.015~ -0.13828~ 0.00016 0.575 0.0031 1.64 ( 0.04) ( 27.67) ( 1.36) (-4.42) ( 0.42) ( 5.78) 1971.1-1994.4 UK -0.398 0.856 0.164 0.064 - -0.00045 - 0.0108 0.99 (-4.06) ( 23.78) ( 3.75) ( 7.35) (-1.63) 1966.1-1995.2 FI -0.157 0.879 0.090~ 0.028 0.00057 0.00061 - 0.0076 1.92 (-1.92) ( 12.01) ( 1.12) ( 2.47) ( 3.78) ( 1.41) 1976.1-1993.3 AS 0.055 1.001 - 0.020 0.00039~ -0.00036 - 0.0105 2.06 ( 1.52) ( 79.51) ( 1.54) ( 3.08) (-1.56) 1971.1-1995.4 SO -0.127 0.970 - 0.034 - 0.00099 - 0.0176 2.18 (-3.31) (116.75) ( 3.03) ( 4.09) 1962.1-1995.3 KO -0.665 0.696 0.329 0.100 0.00107~ -0.00548 -0.256 0.0367 1.87 (-3.42) ( 8.65) ( 3.80) ( 3.07) ( 1.58) (-3.76) (-2.36) 1964.1-1995.4 Cty Cnst logPY-1 logW logPM DP T RHO SE DW Annual equations: BE -1.220 0.577 0.219 0.030 0.00056 0.01095 - 0.0126 1.16 (-3.79) ( 5.28) ( 3.61) ( 1.09) ( 1.43) ( 3.33) 1966.0-1992.0 DE -2.061 0.634 0.372 0.062 0.00044 -0.00259 - 0.0079 2.03 (-9.05) ( 13.34) (10.34) ( 2.89) ( 1.61) (-1.13) 1967.0-1992.0 NO -0.346 0.892 - 0.349 -0.71895 0.01262 - 0.0256 1.26 (-1.88) ( 11.56) ( 3.99) (-1.15) ( 2.07) 1966.0-1993.0 SW -1.878 0.619 0.273~ 0.180 -0.31560 0.01097 - 0.0176 1.54 (-2.51) ( 5.38) ( 2.00) ( 6.64) (-1.75) ( 2.23) 1966.0-1993.0 GR -0.165 0.931 0.046 0.220 0.00103 0.00143 - 0.0236 1.53 (-0.90) ( 19.32) ( 0.76) ( 3.98) ( 1.51) ( 0.26) 1964.0-1993.0 IR -0.462 0.668 0.331 0.093~ - 0.00007 - 0.0258 1.67 (-1.58) ( 4.39) ( 1.80) ( 0.81) ( 0.01) 1972.0-1991.0 SP -0.832 0.739 0.233 0.004~ 0.00099 -0.00690 - 0.0151 1.40 (-6.26) ( 19.83) (11.92) ( 0.17) ( 2.36) (-1.75) 1964.0-1994.0 NZ -1.178 0.742 0.252 0.147~ - 0.00120 - 0.0290 1.48 (-4.59) ( 14.27) ( 3.21) ( 3.03) ( 0.21) 1962.0-1992.0 CO -3.131 0.527 - 0.098 -0.34885 0.10494 - 0.0195 2.37 (-3.33) ( 3.86) ( 2.41) (-1.89) ( 3.56) 1972.0-1994.0 JO -0.070 0.947 - 0.212 - 0.00486 - 0.0386 1.82 (-0.40) ( 13.85) ( 4.12) ( 0.89) 1971.0-1995.0 SY -0.549 0.851 - 0.011 - 0.02017 - 0.0748 1.38 (-1.43) ( 7.61) ( 0.16) ( 1.67) 1965.0-1994.0 PA -0.257 0.805 - 0.170 - 0.01077 - 0.0215 1.57 (-0.67) ( 5.25) ( 2.37) ( 0.89) 1976.0-1993.0 PH -0.128 0.924 - 0.213 - 0.00605 - 0.0542 1.53 (-0.45) ( 12.22) ( 4.60) ( 0.67) 1962.0-1993.0 TH -0.647 0.519 - 0.315 -0.17183 0.02169 - 0.0251 1.35 (-6.11) ( 7.57) ( 7.75) (-0.82) ( 6.33) 1962.0-1994.0 |
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 -0.748 - 0.914 -0.0051 0.105 - 0.0242 2.01 (-4.81) (53.26) (-4.71) (5.11) 1968.1-1996.1 JA -0.162 0.934 - -0.0053 0.028 - 0.0209 2.30 (-0.87) (35.65) (-5.80) (1.03) 1967.3-1995.4 AU 0.227 - 0.908 -0.0023 0.025 0.254 0.0215 2.06 (2.06) (15.44) (-1.36) (0.70) (2.07) 1971.1-1994.1 GE -0.025 0.972 - -0.0037 0.050 0.288 0.0108 2.02 (-0.50) (40.98) (-5.82) (1.20) (2.80) 1969.1-1995.4 IT 0.188 - 0.902 -0.0003~ - - 0.0169 1.56 (7.19) (55.31) (-0.67) 1971.1-1995.3 NE -0.488 - 0.775 -0.0058 0.470 - 0.0171 1.84 (-3.08) (11.76) (-3.92) (3.39) 1978.2-1995.4 ST 0.219 - 0.913 -0.0061 - - 0.0276 2.14 (2.91) (28.08) (-3.44) 1971.1-1994.4 UK -0.505 - 0.916 -0.0006~ 0.166 0.335 0.0197 2.12 (-2.29) (34.65) (-0.57) (2.93) (3.37) 1966.1-1995.2 FI -0.622 - 0.896 -0.0040 0.172 -0.295 0.0324 2.21 (-2.18) (31.97) (-3.23) (3.36) (-2.92) 1976.1-1995.4 AS -0.676 - 0.886 -0.0063 0.194 - 0.0237 1.84 (-3.30) (36.25) (-5.41) (4.74) 1971.1-1995.4 SO 0.531 - 0.909 - 0.019 0.212 0.0393 2.07 (0.60) (18.78) (0.22) (1.99) 1967.1-1995.4 Cty Cnst LHS-1 log(M1-1/ RS logY/POP RHO SE DW (POP-1*PY)) Annual equations: BE 0.958 0.735 - -0.0112 0.064 - 0.0283 1.99 (1.42) (5.98) (-4.06) (1.66) 1966.0-1990.0 DE -1.543 - 0.657 -0.0132 0.600 - 0.0511 2.34 (-3.09) (8.09) (-3.16) (3.87) 1967.0-1993.0 SW 0.822 - 0.593 -0.0031 0.197 - 0.0372 1.53 (1.51) (2.72) (-0.87) (0.83) 1971.0-1993.0 PO 0.478 0.650 - -0.0124 0.247 - 0.0554 1.76 (1.40) (8.92) (-4.97) (3.83) 1962.0-1992.0 SP -0.380 - 0.855 -0.0073 0.202 - 0.0532 1.12 (-0.93) (7.76) (-2.10) (1.57) 1964.0-1992.0 VE -3.431 0.648 - -0.0052 0.945 - 0.1897 1.74 (-1.47) (5.58) (-2.55) (1.80) 1963.0-1994.0 ID -0.842 - 0.547 - 0.495 - 0.0504 1.97 (-3.13) (3.74) (3.56) 1962.0-1992.0 PA 3.640 - 0.379 -0.0151 0.633 - 0.0440 1.43 (3.40) (1.68) (-1.77) (1.93) 1976.0-1993.0 PH 1.794 - 0.701 -0.0079 0.205 - 0.0763 2.18 (2.03) (5.82) (-2.06) (2.09) 1962.0-1993.0 |
Table 6a: Equation 7: Estimates |
Equation 7: RS is the LHS variable Cty Cnst RS-1 PCPY ZZ JJS A/(PY*YS) A/(PY*YS) GERS USRS RHO SE -1 -2 Quarterly equations: CA -6.26 0.560 - - 5.9 -32.1 32.0 - 0.58 - 0.796 (-1.18)(11.35) (1.08)(-3.40)(3.40) (8.15) 1972.2-1996.1 JA 0.03 0.779 0.095 - - -12.9 13.2 - 0.13 0.364 0.673 (0.03)(11.61) (3.50) (-1.35)(1.39) (2.43) (2.94) 1972.2-1995.4 AU 0.78 0.728 - - - - - 0.17 - - 0.819 (2.42) (9.99) (2.92) 1972.2-1994.1 FR 0.42 0.698 - - - - - 0.17 0.20 - 0.889 (1.06)(12.96) (3.01) (4.66) 1976.1-1995.2 GE 0.47 0.810 - -25.5 - - - - 0.20 - 0.784 (1.69)(21.54) (-6.21) (5.35) 1972.2-1995.4 IT-79.21 0.437 0.177 - 87.5 -22.2 18.4 - - 0.446 1.139 (-3.09) (3.02) (3.53) (3.24)(-2.24)(1.98) (2.72) 1972.2-1995.3 NE 3.87 0.348 - -26.2 - -4.0 3.5 0.49 - - 0.878 (5.75) (3.26) (-4.19) (-1.01)(0.87) (5.14) 1978.2-1995.4 ST 0.82 0.856 - -11.8 - - - - - - 0.786 (3.57)(20.01) (-3.42) 1972.2-1994.4 UK-29.43 0.721 - - 30.7 -5.5 5.0 - 0.31 - 1.061 (-2.85)(13.47) (2.94)(-0.98)(0.88) (4.89) 1972.2-1995.2 FI 0.05 0.922 - - - - - - 0.10 - 1.112 (0.09)(20.71) (2.25) 1976.1-1995.4 AS 1.67 0.845 - -24.6 - -18.1 18.6 - 0.11 - 1.167 (2.35)(19.09) (-3.37) (-1.93)(1.94) (1.75) 1972.2-1995.4 SO 0.98 0.840 - - - -1.9 2.5 - 0.19 0.609 0.873 (0.74) (8.77) (-0.93)(1.23) (2.16) (3.78) 1972.2-1995.3 KO 0.94 0.940 0.015 -7.8 - - - - - - 1.226 (1.80)(25.23) (2.25)(-2.14) 1972.2-1995.4 Cty Cnst RS-1 PCPY ZZ JJS A/(PY*YS) A/(PY*YS) GERS USRS RHO SE -1 Annual equations: BE 0.08 0.362 - - - - - 0.42 0.29 - 1.513 (0.06) (2.56) (2.73) (1.87) 1972.0-1992.0 DE 3.57 0.508 - - - - - 0.33 - - 2.482 (1.51) (2.97) (1.49) 1972.0-1993.0 NO-14.31 0.676 - - 16.2 - - - 0.23 - 1.810 (-0.56) (5.00) (0.63) (1.54) 1972.0-1993.0 SW -0.25 0.729 - -28.8 - - - 0.15 0.38 - 2.009 (-0.13) (5.39) (-1.32) (0.74) (2.11) 1972.0-1993.0 IR 13.06 - 0.204 - - -33.7 38.2 - - - 2.318 (6.25) (1.95) (-2.45)(2.42) 1973.0-1992.0 PO -0.25 0.733 0.276 - - - - - - - 2.582 (-0.13) (7.21) (2.33) 1972.0-1992.0 SP 5.67 0.388 - - - - - - 0.33 - 3.160 (2.17) (1.77) (1.03) 1972.0-1992.0 NZ -2.99 0.530 0.452 - - -45.2 34.5 - - - 2.387 (-1.58) (3.98) (3.86) (-3.17)(2.47) 1972.0-1994.0 VE 0.42 0.781 0.234 - - - - - - - 9.424 (0.14) (6.60) (2.26) 1972.0-1994.0 PA 0.93 0.701 0.192 - - - - - - - 1.057 (0.56) (3.93) (2.13) 1976.0-1993.0 PH 3.31 0.652 0.198 - - - - - - - 3.129 (1.32) (4.76) (3.10) 1972.0-1993.0 |
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 0.101 0.919 0.370 -0.309 - 0.4496 2.10 (2.03) (32.65) (5.63) (-3.63) 1962.1-1996.1 JA 0.003 0.905 0.420 -0.443 - 0.4205 2.16 (0.07) (24.65) (4.15) (-2.92) 1967.3-1995.4 AU 0.050 0.951 0.226 -0.096 0.378 0.2454 1.99 (0.87) (34.44) (5.15) (-2.13) (3.60) 1971.1-1994.1 FR 0.056 0.845 0.316 -0.112 0.421 0.4609 2.00 (0.54) (7.91) (3.44) (-1.31) (2.71) 1976.1-1995.2 GE 0.062 0.945 0.303 -0.253 - 0.4332 1.69 (1.12) (33.18) (4.66) (-2.93) 1969.1-1995.4 IT -0.038 0.786 0.297 -0.157 0.461 0.5943 1.96 (-0.34) (11.54) (4.57) (-2.08) (4.01) 1971.1-1995.3 NE 0.062 0.930 0.232 -0.114 - 0.4312 1.78 (0.95) (22.86) (3.75) (-1.65) 1978.2-1995.4 ST 0.062 0.949 0.169 -0.098 0.375 0.2723 1.97 (1.04) (31.36) (3.00) (-1.76) (3.42) 1971.1-1994.4 UK 0.061 0.960 0.393 -0.409 - 0.5289 1.65 (1.09) (40.13) (4.60) (-3.65) 1966.1-1995.2 AS 0.069 0.941 0.297 -0.243 0.249 0.4843 1.96 (0.90) (22.70) (4.46) (-3.70) (2.27) 1971.1-1995.4 SO 0.160 0.954 0.529 -0.771 - 0.5135 1.78 (2.52) (46.10) (5.47) (-5.00) 1962.1-1995.3 Cty Cnst RB-1-RS-2 RS-RS-2 RS-1-RS-2 RHO SE DW Annual equations: BE 0.748 0.673 0.406 - - 0.7563 1.30 (2.16) (4.85) (5.18) 1966.0-1992.0 DE 0.187 0.822 0.437 - - 1.4566 1.47 (0.48) (5.07) (3.86) 1967.0-1993.0 NO -0.034 0.878 0.468 - - 0.7305 1.54 (-0.24) (6.28) (4.95) 1966.0-1993.0 SW 0.055 1.005 0.299 - - 0.8679 2.57 (0.29) (7.98) (3.18) 1966.0-1993.0 IR 0.032 0.700 0.507 - - 1.4612 1.63 (0.11) (4.32) (4.62) 1972.0-1994.0 PO 0.422 0.632 0.347 - - 1.4544 1.40 (1.52) (5.24) (3.16) 1962.0-1992.0 NZ -0.234 0.748 0.385 - - 1.0806 2.39 (-1.00) (6.04) (4.74) 1962.0-1994.0 |
Table 6a: Equation 9: Estimates |
Equation 9: logE or logH is the LHS variable Cty Cnst log(PY/USPY)log(PY/GEPY) log(1+RS) log(1+RS) RHO SE DW -log(1+USRS) -log(1+GERS) Quarterly equations: CA 0.004 0.026 - -0.368 - 0.315 0.0157 2.01 (1.11) (0.97) (-0.55) (2.99) 1972.2-1996.1 JA -0.063 0.025 - -2.100 - 0.321 0.0504 1.95 (-7.67) (-1.73) (3.03) 1972.2-1995.4 AU 0.044 - 0.025 - - - 0.0050 1.31 (83.01) 1972.2-1994.1 FR 0.181 - 0.301 - - 0.576 0.0164 2.28 (1.98) (1.90) (2.47) 1976.1-1995.2 GE -0.567 0.088 - -1.803 - 0.314 0.0504 1.98 (-1.76) ( 1.73) (-1.41) ( 2.64) 1972.2-1995.4 IT 0.180 - 0.025 - - - 0.0349 1.51 (49.99) 1972.2-1995.3 NE 0.002 - 0.020 - -0.326 - 0.0048 1.75 (2.31) (2.02) (-1.39) 1978.2-1995.4 ST -0.032 - 0.053 - -0.461 - 0.0248 1.62 (-2.80) (2.51) (-0.93) 1972.2-1994.4 UK 0.170 - 0.025 - -1.104 - 0.0440 1.65 (22.25) (-1.54) 1972.2-1995.2 FI 1.271 - 0.157 - -1.661 0.618 0.0314 2.26 (0.99) (0.99) (-0.79) (2.40) 1976.1-1995.4 AS 0.037 0.165 - - - 0.466 0.0408 2.35 (1.67) (1.54) (2.15) 1972.2-1995.4 SO 0.111 0.093 - - - - 0.0642 1.68 (2.26) (1.74) 1981.1-1995.3 KO -0.059 0.144 - - - 0.946 0.0122 1.99 (-1.02) (2.35) (13.22) 1981.1-1995.4 Cty Cnst log(PY/USPY)log(PY/GEPY) log(1+RS) log(1+RS) RHO SE DW -log(1+USRS) -log(1+GERS) Annual equations: BE 0.406 - 0.132 - - - 0.0331 1.37 (1.25) (1.19) 1972.0-1992.0 DE 0.511 - 0.367 - - - 0.0251 1.39 (2.65) (2.51) 1972.0-1993.0 NO 0.125 - 0.073 - - - 0.0518 1.52 (0.85) (0.62) 1972.0-1993.0 SW 0.554 - 0.404 - - - 0.0705 1.52 (1.64) (1.49) 1972.0-1993.0 GR 1.420 - 0.295 - - - 0.0559 1.57 (2.25) (2.05) 1972.0-1993.0 IR 0.419 - 0.062 - - - 0.0583 1.02 (0.56) (0.49) 1972.0-1994.0 PO 1.670 - 0.355 - - - 0.0973 0.63 (1.55) (1.44) 1972.0-1992.0 SP 0.669 - 0.144 - - - 0.0752 1.37 (1.01) (0.92) 1972.0-1994.0 NZ 0.130 0.181 - - - - 0.0986 0.92 (1.20) (0.95) 1972.0-1994.0 VE -1.675 0.553 - - - - 0.2209 1.65 (-1.92) (2.30) 1984.0-1994.0 JO -0.059 0.110 - - - - 0.1033 1.08 (-0.70) (1.07) 1972.0-1995.0 PH -1.206 0.320 - - - - 0.0954 0.83 (-1.80) ( 1.90) 1972.0-1993.0 |
Table 6a: Equation 10: Estimates |
Equation 10: logF is the LHS variable Cty logEE log(1+RS) RHO SE DW -log(1+RSUS) Quarterly equations: CA 0.9929 0.883 0.407 0.0021 2.14 (370.34) (10.66) (4.13) 1972.2-1994.3 JA 1.0010 1.291 0.381 0.0099 1.77 (976.34) (5.76) (3.94) 1972.2-1995.4 AU 1.0004 1.190 - 0.0060 1.73 (6487.66) (11.72) 1972.2-1994.1 FR 1.0008 1.128 - 0.0056 2.09 (5025.28) (7.01) 1976.1-1989.3 GE 1.0005 1.155 0.612 0.0033 2.17 (6998.01) (11.60) (7.47) 1972.2-1995.4 IT 0.9956 1.124 - 0.0105 2.02 (180.15) (8.15) 1978.1-1995.3 NE 0.9999 1.612 - 0.0099 2.05 (3268.23) (4.75) 1978.2-1990.4 ST 1.0002 0.923 - 0.0067 1.80 (6821.53) (12.65) 1972.2-1994.4 UK 1.0014 1.279 0.398 0.0061 1.95 (367.20) (5.53) (2.76) 1972.2-1984.4 FI 0.9982 1.396 0.694 0.0071 2.71 (398.74) (4.80) (7.25) 1976.1-1989.3 AS 1.0068 1.182 - 0.0046 2.41 (305.59) (15.62) 1977.1-1995.4 |
Table 6a: Equation 11: Estimates |
Equation 11: logPX - log(PW$*E) is the LHS variable Cty logPY RHO1 RHO2 SE DW -log(PW$*E) Quarterly equations: CA 0.737 1.325 -0.341 0.0145 2.17 (15.93) (16.21) (-4.14) 1962.1-1996.1 JA 0.470 1.293 -0.296 0.0162 1.94 (12.22) (13.83) (-3.18) 1969.1-1995.4 AU 1.000 0.841 0.175 0.0302 2.00 ( 0.00) (8.12) (1.66) 1971.1-1994.1 FR 0.663 1.194 -0.196 0.0114 1.93 (13.62) (10.52) (-1.73) 1976.1-1995.2 GE 0.799 1.205 -0.206 0.0079 1.97 (32.49) (12.59) (-2.16) 1969.1-1995.4 IT 0.533 0.903 0.096 0.0183 1.90 (10.05) (8.54) (0.90) 1971.1-1995.3 NE 0.543 1.250 -0.250 0.0178 2.01 ( 7.44) (10.71) (-2.15) 1978.2-1995.4 ST 0.749 0.850 0.148 0.0186 2.07 (15.88) (8.24) (1.44) 1972.1-1994.4 UK 0.689 1.112 -0.115 0.0162 2.00 (17.31) (11.90) (-1.24) 1966.1-1995.2 FI 0.626 0.991 0.011 0.0158 2.02 (10.91) (8.71) (0.09) 1976.1-1995.4 AS 0.574 1.257 -0.254 0.0205 1.98 (11.01) (11.14) (-2.21) 1976.1-1995.4 SO 0.687 0.861 0.136 0.0325 2.00 (10.86) (9.94) (1.56) 1962.1-1995.3 Cty logPY RHO1 RHO2 SE DW -log(PW$*E) Annual equations: BE 0.368 0.771 0.227 0.0210 2.20 ( 7.28) (3.86) (1.14) 1966.0-1992.0 DE 0.599 1.209 -0.214 0.0211 1.58 ( 9.31) (5.73) (-1.02) 1967.0-1993.0 NO 1.000 1.266 -0.369 0.0790 1.66 ( 0.00) (6.40) (-1.85) 1975.0-1993.0 SW 1.000 1.065 -0.189 0.0548 1.78 ( 0.00) (5.10) (-0.91) 1969.0-1993.0 GR 0.101 0.859 0.138 0.0606 2.13 ( 0.42) (4.41) (0.71) 1965.0-1993.0 IR 0.452 1.070 -0.083 0.0318 1.90 ( 4.52) (4.58) (-0.36) 1972.0-1994.0 PO 1.000 1.617 -0.632 0.0451 2.06 ( 0.00) (8.95) (-3.56) 1962.0-1992.0 SP 0.476 1.102 -0.117 0.0382 1.80 ( 4.74) (5.93) (-0.64) 1964.0-1994.0 NZ 0.703 0.852 -0.070 0.0793 1.93 ( 7.27) (4.63) (-0.38) 1962.0-1994.0 JO 0.626 1.083 -0.252 0.0506 2.02 ( 8.13) (5.15) (-1.16) 1971.0-1995.0 SY 1.000 1.260 -0.288 0.1800 2.12 ( 0.00) (6.97) (-1.61) 1965.0-1994.0 ID 0.942 1.148 -0.358 0.0493 1.88 (96.22) (6.52) (-2.04) 1962.0-1992.0 MA 0.934 0.899 -0.101 0.1336 1.92 ( 5.34) (3.83) (-0.44) 1972.0-1993.0 PA 0.978 0.743 -0.270 0.0556 1.99 (154.82) (2.99) (-1.17) 1977.0-1993.0 PH 1.000 0.910 -0.024 0.1230 1.95 ( 0.00) (4.82) (-0.13) 1964.0-1993.0 TH 1.000 1.077 -0.369 0.0668 1.77 ( 0.00) (6.46) (-2.29) 1962.0-1994.0 |
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 0.089 0.958 1.097 - -0.00002 - -1.050 0.0081 1.64 ( 1.61)(34.06) (11.90) (-0.48) 1966.1-1996.1 JA 0.431 0.903 1.031 - -0.00025 - -0.930 0.0107 1.99 ( 2.46)(23.76) ( 9.67) (-1.70) 1971.1-1995.4 AU 2.084 0.680 0.392 -0.15830~ 0.00039 -0.661 -0.112 0.0157 1.66 ( 4.13)( 8.96) ( 1.50) ( -2.61) ( 2.31) (-7.58) 1971.1-1994.1 FR 0.575 0.924 1.348 - -0.00022 - -1.252 0.0092 1.61 ( 1.80)(21.09) ( 4.46) (-1.97) 1976.1-1995.2 GE 0.684 0.914 0.922 -0.20253~ 0.00038 -0.312 -0.843 0.0119 2.16 ( 2.69)(30.15) ( 3.27) ( -2.39) ( 2.11) (-3.12) 1969.1-1994.4 IT 0.188 0.923 1.244 -0.25124~ -0.00026 - -1.157 0.0139 1.94 ( 1.80)(22.81) ( 6.74) ( -1.42) (-0.91) 1971.1-1995.3 NE 1.638 0.596 -0.025 0.00020~ 0.00147 0.412 0.269 0.0055 1.96 ( 5.76)( 9.06) (-0.25) ( 1.40) (10.23) ( 3.17) 1978.2-1995.4 UK 0.263 0.912 0.790 0.00050 -0.00007 - -0.697 0.0114 2.22 ( 3.03)(29.51) ( 8.83) ( 2.44) (-1.02) 1966.1-1995.2 FI 0.149 0.813 0.534 -0.09613~ -0.00015 -0.339 -0.361 0.0096 1.96 ( 2.13)(10.06) ( 2.43) ( -2.52) (-1.10) (-2.37) 1976.1-1993.3 KO 0.272 0.952 0.267 0.00197 -0.00024 - -0.192 0.0283 2.19 ( 3.15)(21.10) ( 3.20) ( 2.43) (-0.31) 1964.1-1995.4 Cty Cnst logW-1 logPY DW T RHO logPY-1 SE DW Annual equations: DE 0.461 0.911 1.353 -0.61265 0.00290 - -1.268 0.0139 2.25 ( 0.58)( 6.29) ( 6.49) ( -3.45) ( 2.28) 1967.0-1992.0 SW 2.945 0.487 0.396 0.00162 0.00092 - 0.052 0.0224 2.03 ( 3.51)( 3.49) ( 2.21) ( 3.13) ( 0.48) 1966.0-1993.0 GR 0.261 0.953 0.912 -0.16925 0.00022 - -0.867 0.0398 1.53 ( 0.78)( 9.96) ( 4.20) ( -1.70) ( 0.05) 1964.0-1993.0 IR 0.192 0.968 0.521 - -0.00471 - -0.489 0.0256 1.64 ( 0.64)( 5.32) ( 2.52) (-2.40) 1972.0-1991.0 SP 0.642 0.845 1.365 -0.14801 0.00281 - -1.197 0.0198 2.14 ( 3.64)(16.27) ( 8.37) ( -2.41) ( 1.46) 1964.0-1994.0 |
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 0.005 -0.00001 -0.150 0.444 0.157 - 0.0047 1.99 (2.24) (-1.05) (-4.53) (5.84) (2.64) 1966.1-1996.1 JA -0.001 0.00003 -0.066 0.184 - -0.236 0.0039 2.08 (-0.68) (2.25) (-4.15) (3.98) (-2.55) 1967.3-1995.4 AU -0.008 0.00008 -0.045 0.087 0.176 - 0.0060 2.23 (-2.44) (2.75) (-1.30) (1.07) (3.05) 1971.1-1994.1 FR 0.003 0.00001 -0.133 - 0.204 - 0.0117 1.17 (0.36) (0.11) (-2.33) (0.92) 1976.1-1995.2 GE -0.003 0.00002 -0.053 0.167 0.097 - 0.0047 1.81 (-1.08) (1.03) (-1.59) (1.74) (1.49) 1969.1-1995.4 IT 0.003 -0.00002 -0.090 0.007 0.084 - 0.0061 2.16 (1.05) (-0.76) (-2.45) (0.06) (0.93) 1971.1-1995.3 ST 0.001 0.00000 -0.225 0.365 - - 0.0046 1.40 (0.32) (0.23) (-5.81) (5.40) 1971.1-1994.4 UK 0.003 0.00001 -0.213 0.158 - 0.477 0.0032 1.98 (1.58) (0.35) (-6.62) (4.63) (5.37) 1966.1-1995.2 FI 0.034 -0.00022 -0.240 0.195 0.073 - 0.0050 1.81 (5.91) (-6.30) (-6.70) (4.09) (1.61) 1977.1-1995.4 AS 0.011 -0.00004 -0.235 0.104 - 0.372 0.0050 2.17 (2.70) (-1.38) (-4.42) (1.75) (3.66) 1971.1-1995.4 Cty Cnst T log(J/JMIN) logY/Y-1 logY-1/Y-2 RHO SE DW -1 Annual equations: BE -0.026 0.00080 -0.282 0.361 - - 0.0091 1.90 (-3.26) (2.84) (-2.03) (3.49) 1966.0-1992.0 DE 0.010 -0.00035 -0.599 0.444 - - 0.0143 1.33 (0.90) (-0.87) (-3.47) (2.98) 1967.0-1993.0 NO -0.004 0.00013 -0.309 0.490 - - 0.0142 0.97 (-0.34) (0.27) (-1.86) (2.95) 1966.0-1993.0 IR -0.014 0.00057 -0.431 0.283 - - 0.0122 1.83 (-1.05) (1.11) (-3.54) (2.30) 1972.0-1991.0 |
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 -0.147 -0.00015 0.939 0.035 0.013 - 0.0040 2.26 (-3.13) (-3.08) (36.30) (3.02) (0.55) 1966.1-1996.1 JA -0.007 -0.00005 0.941 - 0.229 - 0.0026 2.22 (-1.23) (-2.12) (26.89) (2.30) 1967.3-1995.4 GE -0.029 0.00000 0.948 - 0.085 - 0.0029 1.86 (-3.60) (0.23) (62.42) (3.05) 1969.1-1994.4 ST -0.009 0.00000 0.940 - 0.086 - 0.0050 1.74 (-2.60) (-0.06) (44.28) (2.90) 1971.1-1994.4 FI -0.029 -0.00022 0.820 - 0.088 - 0.0052 2.35 (-2.75) (-3.13) (14.14) (2.84) 1976.2-1995.4 Annual equations: BE -0.093 -0.00222 0.731 0.007 0.191 - 0.0063 2.06 (-1.41) (-1.32) (3.77) (0.58) (1.96) 1966.0-1992.0 |
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 -0.218 -0.00018 0.981 0.053 0.014 - 0.0064 2.15 (-2.03) (-2.28) (52.42) (2.29) (0.40) 1967.1-1996.1 IT -0.843 0.00080 0.607 0.068 0.565 - 0.0109 1.91 (-5.01) (4.42) (7.84) (3.50) (2.62) 1971.1-1995.3 FI -0.017 -0.00006 0.953 - 0.045 - 0.0049 2.51 (-1.07) (-2.39) (33.12) (1.58) 1976.2-1995.4 Annual equations: BE -0.181 -0.00039 0.962 0.037 0.208 - 0.0068 2.64 (-1.16) (-0.24) (7.74) (3.01) (1.67) 1966.0-1992.0 |
Table 6b: Equation 1: Tests |
Equation 1: log(M/POP) is the LHS variable Lags pe logPY RHO+ T Leads Stability p-val p-val p-val p-val p-val p-val AP (df) q Quarterly equations: CA 0.307 0.017 0.070 0.222 0.233 0.831 *11.54 6 7.415 JA 0.163 0.013 0.771 0.438 0.351 0.255 2.45 5 6.289 AU 0.172 - 0.000 0.093 0.010 0.311 7.17 5 3.465 FR 0.376 0.258 0.704 0.228 0.119 0.021 6.36 5 1.960 GE 0.000 - 0.359 0.079 0.482 0.938 - - - IT 0.000 - - 0.000 0.206 0.002 *15.54 3 4.187 NE 0.277 0.413 0.729 0.372 0.976 0.433 *11.63 6 1.403 ST 0.009 0.442 - 0.675 0.800 0.068 2.77 4 3.818 UK 0.602 0.274 0.470 0.402 0.903 0.107 2.63 5 6.921 FI 0.961 - 0.964 0.861 0.692 0.894 4.83 6 2.136 AS 0.217 0.461 0.283 0.095 0.908 0.025 4.45 6 4.314 SO 0.002 0.014 0.009 0.121 0.004 0.059 *97.53 5 9.947 KO 0.743 - 0.061 0.030 0.778 0.159 *7.67 4 7.926 Annual equations: BE 0.000 - 0.024 0.001 0.055 0.458 4.63 3 2.469 DE 0.010 - 0.161 0.481 0.005 0.098 *11.93 4 2.469 NO 0.548 - - 0.323 0.535 0.479 *11.08 4 2.778 SW 0.685 - - 0.234 0.821 0.280 *8.11 3 2.778 GR - - - 0.969 0.523 0.693 1.78 3 3.449 IR 0.025 - 0.744 0.191 0.739 0.275 3.72 4 1.000 PO 0.039 0.000 - 0.141 0.000 0.058 *24.87 4 3.812 SP 0.013 - 0.013 0.160 0.005 0.069 *14.58 4 3.104 NZ 0.958 0.382 0.473 0.461 0.414 0.786 3.11 5 4.592 SA 0.012 - - 0.002 0.103 0.028 *5.54 2 1.621 VE 0.001 - 0.988 0.353 0.955 0.881 3.48 3 4.193 CO 0.330 - - 0.483 0.009 0.052 *9.08 4 1.417 JO 0.004 - - 0.148 0.704 0.060 3.49 3 1.621 SY 0.011 - - 0.332 0.031 0.077 *11.14 3 3.449 MA 0.001 - 0.002 0.085 0.287 0.501 *9.43 4 1.200 PA 0.122 - 0.072 0.203 0.561 0.889 2.85 4 1.000 PH 0.034 - - 0.001 0.054 0.014 3.23 3 4.193 TH 0.000 - - 0.000 0.000 0.008 *10.63 3 4.592 |
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 0.001 0.555 0.332 0.204 0.002 *16.95 5 7.415 JA 0.000 0.161 0.047 0.455 0.009 *29.14 5 6.289 AU - 0.362 0.002 0.862 0.000 1.47 5 3.465 FR 0.020 0.822 0.248 0.069 0.373 *7.39 4 1.960 GE 0.000 - 0.006 0.151 0.387 - - - IT 0.001 0.336 0.027 0.354 0.036 4.32 5 4.187 NE 0.010 0.258 0.297 0.314 0.001 *13.42 4 1.403 ST 0.008 0.062 0.000 0.000 0.081 *9.34 6 3.818 UK 0.000 0.756 0.145 0.717 0.279 *9.81 6 6.921 FI 0.214 0.293 0.002 0.147 0.190 3.10 5 2.136 AS 0.426 0.943 0.048 0.004 0.206 5.64 5 4.314 SO 0.063 0.005 0.045 0.444 0.738 *96.43 4 9.947 KO 0.000 - 0.009 0.110 0.169 *8.65 4 4.314 Annual equations: BE 0.293 0.363 0.937 0.022 0.375 3.87 4 2.469 DE 0.011 0.109 0.002 0.147 0.501 4.64 4 2.469 NO 0.017 - 0.243 0.003 0.824 2.86 3 2.778 SW 0.008 - 0.018 0.000 0.419 *7.52 3 2.778 GR 0.004 - 0.582 0.000 0.718 *14.72 3 3.449 IR 0.001 - 0.709 0.019 0.032 *10.21 3 1.000 PO 0.774 0.442 0.725 0.165 0.130 3.51 4 3.812 SP 0.002 0.197 0.164 0.001 0.779 *15.99 4 3.104 NZ 0.034 0.233 0.031 0.014 0.608 *11.06 4 4.592 SA 0.018 - 0.570 0.240 0.838 0.76 2 1.621 VE 0.016 - 0.698 0.008 0.495 *7.67 3 4.193 CO 0.000 - 0.062 0.001 0.011 5.53 3 1.000 SY 0.094 - 0.223 0.019 0.439 2.49 3 3.449 ID 0.233 0.872 0.183 0.699 0.966 1.14 3 3.812 MA 0.109 - 0.368 0.557 0.407 3.13 3 1.200 PA 0.039 - 0.175 0.387 0.663 4.18 3 1.000 PH 0.285 - 0.169 0.008 0.176 1.09 3 4.193 TH 0.892 - 0.961 0.792 0.290 2.94 3 4.592 |
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 0.002 0.105 0.006 0.037 0.036 3.60 4 7.415 JA 0.000 0.029 0.001 0.270 0.005 *17.90 4 6.135 AU 0.000 0.893 0.000 0.683 0.523 *26.10 4 3.465 FR 0.118 0.871 0.007 0.002 0.079 *10.35 4 1.960 GE 0.000 - 0.008 0.839 0.034 - - - IT 0.000 0.000 0.000 0.000 0.018 6.85 4 4.187 NE 0.000 0.562 0.200 0.000 0.502 *11.90 4 1.000 ST 0.000 - 0.000 0.227 0.000 3.48 3 3.818 UK 0.083 0.880 0.197 0.000 0.355 5.24 4 6.921 AS 0.030 0.859 0.003 0.056 0.105 3.43 4 4.314 SO 0.144 0.118 0.317 0.001 0.037 *96.84 4 9.947 KO 0.015 - 0.067 0.435 0.163 1.98 3 8.635 Annual equations: GR 0.000 - 0.445 0.017 0.084 *13.59 3 3.104 IR 0.490 - 0.358 0.023 0.704 4.50 3 1.417 SP 0.000 0.046 0.723 0.355 0.145 *8.99 4 3.104 NZ 0.000 0.227 0.007 0.129 0.998 *10.00 4 4.592 SA 0.280 - 0.918 0.159 0.353 0.93 3 1.621 CO 0.136 - 0.050 0.350 0.283 0.04 3 1.417 JO 0.000 - 0.009 0.941 0.240 *5.06 2 1.621 ID 0.065 0.190 0.032 0.820 0.597 *23.60 4 3.812 MA 0.000 - 0.001 0.000 0.788 3.22 3 1.200 PA 0.015 - 0.189 0.000 0.122 *13.02 3 1.000 PH 0.000 - 0.001 0.415 0.360 2.87 2 4.193 TH 0.000 - 0.001 0.000 0.212 4.27 3 4.592 |
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 0.008 0.026 0.614 0.000 *18.93 5 7.415 JA 0.077 0.105 0.429 0.280 *12.71 5 6.289 AU 0.314 0.037 0.170 0.026 3.93 4 3.465 GE 0.259 0.031 0.024 0.034 - - - IT 0.041 0.007 0.019 0.005 *15.41 5 4.187 NE 0.598 0.666 0.075 0.124 *16.23 5 1.403 UK 0.159 0.341 0.744 0.005 *13.02 5 6.921 AS 0.137 0.143 0.041 0.548 5.45 5 4.314 KO 0.051 0.147 0.918 0.594 7.52 5 8.635 Annual equations: DE 0.293 0.625 0.249 0.582 2.39 3 2.469 SW 0.000 0.038 0.003 0.508 *20.60 4 2.778 GR 0.533 0.572 0.642 0.518 2.71 4 3.449 IR 0.160 0.338 0.260 0.326 0.96 4 1.417 PO 0.011 0.026 1.000 0.028 *7.24 4 3.812 SP 0.938 0.711 0.419 0.816 4.85 4 3.812 SA 0.122 0.427 0.471 0.067 4.98 4 1.621 CO 0.784 0.111 0.377 0.051 0.57 4 1.417 PA 0.051 0.284 0.150 0.807 *8.98 4 1.000 TH 0.361 0.950 0.013 0.028 *7.69 4 4.592 |
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 0.363 0.764 0.358 0.115 *17.85 7 7.415 JA 0.217 0.011 0.019 0.217 *35.40 7 6.289 AU - - 0.095 0.149 1.88 7 3.465 FR 0.401 0.762 0.420 0.009 *10.52 7 1.960 GE 0.228 0.251 0.087 0.269 - - - IT 0.045 0.201 0.075 0.004 *12.36 6 4.187 NE 0.101 0.263 0.074 0.287 *7.98 5 1.403 ST 0.000 0.319 0.033 - 2.64 6 3.818 UK 0.000 0.000 0.000 0.000 *50.21 5 6.921 FI 0.211 0.536 0.384 0.995 *9.83 6 1.403 AS 0.468 0.013 0.007 - 1.00 5 4.314 SO 0.543 0.711 0.123 - *96.84 4 9.947 KO 0.044 0.824 0.003 0.112 *22.22 7 8.635 Annual equations: BE 0.000 0.000 0.000 0.158 *30.16 6 2.469 DE 0.524 0.497 0.067 0.016 6.40 6 2.179 NO 0.086 0.230 0.972 0.697 *20.38 5 2.778 SW 0.000 0.008 0.103 0.005 7.14 6 2.778 GR 0.000 0.000 0.612 0.311 *15.66 6 3.449 IR 0.846 0.590 0.707 0.203 3.10 5 1.000 SP 0.065 0.035 0.149 0.610 *52.70 6 3.812 NZ 0.005 0.012 0.437 0.149 *8.10 5 3.812 CO 0.011 0.000 0.208 - 7.25 5 1.417 JO 0.261 0.229 0.355 - *14.67 4 1.621 SY 0.022 0.035 0.031 - 4.82 4 3.449 PA 0.479 0.808 0.665 - 2.36 4 1.000 PH 0.004 0.007 0.016 - *30.98 4 4.193 TH 0.189 0.000 0.000 - 3.14 5 4.592 |
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 0.535 0.423 0.005 0.966 *11.46 4 6.135 JA 0.054 0.106 0.034 0.054 6.19 4 6.289 AU 0.437 0.524 0.653 0.033 *10.70 5 3.465 GE 0.106 0.014 0.004 0.000 - - - IT - 0.000 0.000 0.000 *17.77 3 4.187 NE 0.203 0.880 0.207 0.263 2.81 4 1.403 ST 0.364 0.085 0.217 0.014 5.50 3 3.818 UK 0.097 0.150 0.031 0.042 *12.36 5 6.921 FI 0.078 0.712 0.001 0.004 6.18 5 2.136 AS 0.206 0.616 0.586 0.162 4.29 4 4.314 SO 0.588 0.302 0.142 0.023 5.74 4 6.444 Annual equations: BE 0.313 0.377 0.391 0.003 5.70 4 1.907 DE 0.027 0.238 0.074 0.004 4.82 4 2.469 SW 0.783 0.002 0.045 0.304 2.78 4 2.031 PO 0.915 0.697 0.441 0.006 4.56 4 3.812 SP 0.147 0.264 0.005 0.015 3.23 4 3.104 VE - 0.921 0.200 0.027 *9.84 4 4.193 ID - 0.271 0.647 0.702 *21.62 3 3.812 PA 0.841 0.379 0.652 0.006 6.01 4 1.000 PH 0.536 0.112 0.671 0.687 4.18 4 4.193 |
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 0.000 0.032 0.022 *15.00 6 3.818 JA 0.070 0.235 0.787 8.54 7 3.698 AU 0.045 0.032 0.846 5.56 3 2.916 FR 0.337 0.385 0.055 3.10 4 1.960 GE 0.791 0.007 0.005 *7.55 4 3.698 IT 0.161 0.072 0.008 *7.57 7 3.581 NE 0.018 0.000 0.028 2.21 6 1.403 ST 0.317 0.194 0.992 3.22 3 3.240 UK 0.011 0.186 0.177 4.18 6 3.465 FI 0.351 0.274 0.768 2.02 3 2.136 AS 0.994 0.358 0.185 8.23 6 3.698 SO 0.039 0.276 0.152 *11.22 6 3.581 KO 0.559 0.031 0.147 4.30 4 1.000 Annual equations: BE 0.290 0.214 0.058 3.37 4 1.653 DE 0.590 0.391 0.560 0.73 3 1.200 NO 0.058 0.013 0.277 6.34 4 1.200 SW 0.033 0.032 0.089 2.08 5 1.200 IR 0.793 0.284 0.144 3.82 4 1.000 PO 0.313 0.133 0.034 4.96 3 1.000 SP 0.878 0.835 0.209 0.58 3 1.000 NZ 0.095 0.014 0.166 *15.85 5 1.417 VE 0.306 0.026 0.170 0.65 3 1.417 PA 0.963 0.030 0.370 0.17 3 1.000 PH 0.053 0.733 0.093 *6.94 3 1.200 |
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 0.009 0.021 0.332 0.205 0.025 2.46 4 15.088 JA 0.259 0.639 0.530 0.710 0.525 3.56 4 6.289 AU 0.542 0.253 0.236 0.011 0.548 3.18 5 3.465 FR 0.443 0.525 0.573 0.199 0.746 4.70 5 1.960 GE 0.085 0.013 0.144 0.221 0.086 4.43 4 5.397 IT 0.497 0.757 0.416 0.838 0.830 *13.92 5 4.187 NE 0.268 0.235 0.097 0.678 0.575 2.31 4 1.403 ST 0.001 0.006 0.368 0.368 0.302 3.04 5 3.818 UK 0.324 0.312 0.226 0.036 0.259 5.05 4 6.921 AS 0.038 0.109 0.930 0.142 0.085 6.29 5 4.314 SO 0.335 0.290 0.133 0.756 0.541 *96.84 4 9.947 Annual equations: BE 0.136 0.053 0.117 0.009 0.663 *6.81 3 2.469 DE 0.799 0.686 0.453 0.002 0.993 *19.10 3 2.469 NO 0.226 0.154 0.038 0.002 0.548 *5.71 3 2.778 SW 0.080 0.305 0.008 0.129 0.320 5.36 3 2.778 IR 0.708 0.605 0.313 0.011 0.534 5.25 3 1.417 PO 0.001 0.000 0.034 0.077 0.075 3.28 3 3.812 NZ 0.218 0.000 0.001 0.403 0.458 2.35 3 4.592 |
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 0.995 0.030 0.032 0.197 0.93 4 3.818 JA 0.431 0.440 0.139 0.096 3.30 3 3.698 AU 0.257 0.123 0.019 0.003 *3.51 1 2.916 FR 0.168 0.316 0.006 0.768 2.45 3 1.960 GE 0.686 0.149 0.188 0.911 4.43 4 3.698 IT 0.011 0.588 0.363 0.037 2.78 1 3.581 NE 0.006 0.629 0.000 0.104 0.23 3 1.403 ST 0.361 0.302 0.290 0.362 4.48 3 3.240 UK 0.032 0.619 0.685 0.094 0.94 2 3.465 FI 0.249 0.673 0.688 0.555 0.34 4 2.136 AS 0.148 0.464 0.512 0.127 2.32 3 3.698 SO 0.086 0.120 0.003 0.106 0.83 2 1.000 KO 0.960 0.080 0.178 0.331 4.63 3 1.000 Annual equations: BE 0.834 0.164 0.366 0.995 *13.29 2 1.000 DE 0.043 0.196 0.547 0.045 3.14 2 1.200 NO 0.863 0.220 0.018 0.556 0.35 2 1.200 SW 0.570 0.316 0.008 0.377 0.46 2 1.200 GR 0.038 0.140 0.526 0.042 3.52 2 1.200 IR 0.000 0.005 0.002 0.001 4.12 2 1.417 PO 0.347 0.000 0.000 0.270 0.27 2 1.000 SP 0.012 0.170 0.072 0.021 2.59 2 1.417 NZ 0.471 0.000 0.000 0.620 1.53 2 53.571 VE 0.000 0.470 0.006 0.000 *9.49 2 1.000 JO 0.050 0.011 0.000 0.032 1.78 2 1.398 PH 0.026 0.005 0.000 0.040 *45.52 2 1.200 |
Table 6b: Equation 11: Tests |
Equation 11: logPX - log(PW$*E) is the LHS variable Restr RHO+ Stability p-val p-val AP (df) q Quarterly equations: CA 0.641 0.004 2.71 3 10.565 JA 0.000 0.577 0.63 3 5.397 AU 0.002 0.012 *6.11 2 3.306 FR 0.440 0.382 4.18 3 1.960 GE 0.000 0.632 - - - IT 0.367 0.758 3.88 3 4.187 NE 0.100 0.936 - - - ST 0.000 0.025 *13.59 3 3.818 UK 0.792 0.929 2.51 3 6.921 FI 0.231 0.576 - - - AS 0.000 0.534 4.30 3 2.136 SO 0.009 0.317 1.33 3 9.947 Annual equations: BE 0.096 0.008 1.44 3 2.469 DE 0.025 0.270 - - - NO 0.618 0.712 0.82 2 1.000 SW 0.044 0.308 0.10 2 1.907 GR 0.564 0.010 3.55 3 3.104 IR 0.556 0.379 2.38 3 1.417 PO 0.001 0.019 - - - SP 0.265 0.161 0.40 3 3.812 NZ 0.024 0.073 2.47 3 4.592 JO 0.000 0.770 0.80 3 1.621 SY 0.110 0.659 3.56 2 3.449 ID 0.000 0.787 *10.91 3 3.812 MA 0.002 0.485 3.33 3 1.200 PA 0.044 0.535 0.48 3 1.000 PH 0.065 0.124 1.35 2 3.449 TH 0.273 0.504 1.41 2 4.592 |
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 0.150 0.005 0.000 *44.94 4 7.415 JA 0.001 0.205 0.000 *7.77 4 4.314 AU 0.200 0.001 0.009 8.40 6 3.516 FR 0.879 0.214 0.127 *20.85 4 1.960 GE 0.157 0.097 0.012 - - - IT 0.160 0.026 0.054 *10.28 5 4.187 NE 0.753 0.805 0.746 2.91 6 1.403 UK 0.012 0.445 0.238 *11.18 5 6.921 FI 0.017 0.005 0.031 *17.35 6 1.403 KO 0.001 0.435 0.009 *16.47 5 8.635 Annual equations: DE 0.868 0.355 0.045 5.53 5 2.179 SW 0.240 0.416 0.937 5.76 5 2.778 GR 0.387 0.334 0.467 *43.60 5 3.449 IR 0.600 0.314 0.001 1.07 4 1.000 SP 0.862 0.217 0.137 *26.05 5 3.812 |
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 0.961 0.881 0.169 *8.58 5 7.415 JA 0.280 0.021 0.724 2.72 5 6.289 AU 0.031 0.539 0.309 4.44 5 3.465 FR 0.105 0.007 0.270 *10.00 4 1.960 GE 0.000 0.000 0.717 - - - IT 0.376 0.004 0.150 1.48 5 4.187 ST 0.000 0.000 0.002 *12.50 4 3.818 UK 0.001 0.429 0.453 *7.77 5 6.921 FI 0.732 0.006 0.042 *11.41 5 1.791 AS 0.057 0.139 0.170 3.62 5 4.314 Annual equations: BE 0.980 0.781 0.156 1.92 4 2.469 DE 0.054 0.539 0.790 *16.93 4 2.469 NO 0.001 0.003 0.691 5.43 4 2.778 IR 0.128 0.664 0.997 0.47 4 1.000 |
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 0.105 0.040 0.439 *14.29 5 6.760 JA 0.043 - 0.005 6.47 4 6.289 GE 0.872 - 0.000 - - - ST 0.381 - 0.004 *22.75 4 3.818 FI 0.008 - 0.000 *28.78 4 2.047 Annual equations: BE 0.725 0.696 0.009 *16.39 5 2.469 |
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 0.301 0.006 0.032 *31.33 5 6.760 IT 0.318 0.312 0.000 *10.90 5 4.187 FI 0.011 - 0.001 *18.33 4 2.047 Annual equations: BE 0.031 0.208 0.318 *20.83 5 2.469 |