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
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 11: Tests
Equation 12: Tests
Equation 13: Tests
Equation 14: Tests
Equation 15: Tests

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