The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)
(1) PMG-ARDL | (2) CS-ARDL | |||
---|---|---|---|---|
Speed of adjustment | ||||
ECT | − 0.385*** | (0.127) | − 0.732* | (0.415) |
Longrun | ||||
ln Capital | 0.602*** | (0.112) | 0.693*** | (0.202) |
ln Labor | − 0.244*** | (0.075) | − 0.032** | (0.281) |
Growth | 0.001 | (0.003) | − 0.003 | (0.012) |
Inflation | − 0.006*** | (0.002) | − 0.004** | (0.000) |
ln Undervaluation | 0.297*** | (0.072) | 0.430** | (0.197) |
Shortrun | ||||
ln Capital | − 0.068 | (0.046) | − 0.472 | (0.138) |
ln Labor | 0.107 | (0.170) | 0.123 | (0.240) |
Growth | − 0.002 | (0.002) | − 0.002 | (0.001) |
Inflation | 0.001** | (0.001) | 0.002* | (0.001) |
ln Undervaluation | − 0.070 | (0.052) | 0.279 | (0.295) |
Constant | 0.929*** | (0.316) | 0.392** | (0.607) |
Observations | 104 | 104 | ||
Diagnostic tests | ||||
Hausman test (χ2, p-value) | 3.63 | [0.3046] | − | − |
Wooldridge Autocorrelation test [p-value] | 25.37 [0.151] | |||
Normality test [p-value] | 3.57 [0.1679] | |||
Heteroscedasticity test [p-value] | 14.17 [0.090] |