The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)
Table 5 Short-run ARDL estimates
From: Non-linear impact of exchange rate changes on U.S. industrial production
IPIs for sectors | Independent variables | Lag 0 | Lag 1 | Lag 2 | Lag 3 | Lag 4 | Lag 5 |
|---|---|---|---|---|---|---|---|
Energy | LNEER | − 0.005 (0.01) | |||||
Materials | Ln(CPI) | − 0.64*** (0.21) | |||||
(3, 0, 1, 4, 0, 0) | Ln (GFCF) | − 0.20 (0.29) | 2.32*** (0.67) | − 1.68*** (0.63) | 0.55* (0.30) | ||
Ln (LM2) | 0.03 (0.02) | ||||||
Ln (L) | − 0.35* (0.18) | ||||||
Mining | LNEER | 0.003 (0.01) | |||||
(3, 0, 3, 4, 0, 0) | Ln(CPI) | − 0.83 (0.31) | 1.36** (0.54) | − 0.73** (0.30) | |||
Ln (GFCF) | 0.14 (0.36) | 3.005 (0.84) | − 2.09 (0.79) | 0.59 (0.37) | |||
Ln (LM2) | − 0.02 (0.02) | ||||||
Ln (L) | − 0.42* (0.23) | ||||||
Non-durable | LNEER | 0.05 (0.03) | − 0.01 (0.05) | 0.04 (0.05) | − 0.07** (0.03) | ||
Manufacturing | Ln(CPI) | − 0.33** (0.13) | 0.42* (0.24) | 0.05 (0.24) | − 0.58** (0.24) | 0.69*** (0.22) | − 0.32** (0.12) |
(4, 4, 6, 1, 0, 0) | Ln (GFCF) | 0.45*** (0.08) | |||||
Ln (LM2) | − 0.01 (0.01) | ||||||
Ln (L) | 0.08 (0.06) | ||||||
Electricity | LNEER | 0.02 (0.09) | 0.32** (0.16) | − 0.01 (0.16) | 0.002 (0.15) | − 0.16* (0.09) | |
(4, 5, 6, 4, 6, 4) | Ln(CPI) | 1.66 (1.70) | − 5.54* (3.26) | 3.29 (3.16) | 0.98 (3.10) | 0.49 (2.89) | − 3.48** (1.65) |
Ln (GFCF) | − 0.37 (0.45) | 0.10 (1.04) | − 1.80* (0.95) | 1.55*** (0.44) | |||
Ln (LM2) | 0.71** (0.33) | 0.20 (0.51) | 0.61 (0.48) | 0.88* (0.48) | − 0.88* (0.49) | 0.67** (0.31) | |
Ln (L) | − 1.05 (0.49) | 1.09 (0.62) | − 1.60** (0.62) | − 1.35** (0.63) | − 0.81 (0.51) |