The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)
(1) PMG-ARDL | (2) CS-ARDL | |||
---|---|---|---|---|
Speed of adjustment | ||||
ECT | − 0.297** | (0.148) | − 0.375*** | (0.138) |
Longrun | ||||
ln Capital | 0.366*** | (0.113) | 0.301** | (0.287) |
ln Labor | − 0.187** | (0.082) | − 0.102** | (0.533) |
Growth | 0.003 | (0.003) | 0.030 | (0.004) |
Inflation | − 0.007*** | (0.002) | − 0.002* | (0.003) |
ln RER_VOL | − 0.492** | (0.215) | − 0.201* | (0.161) |
Shortrun | ||||
ln Capital | − 0.008 | (0.050) | − 0.003* | (0.034) |
ln Labor | 0.055 | (0.173) | 0.012 | (0.122) |
Growth | − 0.002 | (0.002) | − 0.001 | (0.003) |
Inflation | 0.001** | (0.001) | 0.002* | (0.001) |
ln RER_VOL | 0.215 | (0.187) | 0.171 | (0.120) |
Constant | 0.980** | (0.497) | 0.863*** | (0.756) |
Observations | 104 | 104 | ||
Diagnostic tests | ||||
Hausman test (χ2, p-value) | 6.02 | [0.3046] | − | |
Auto-correlation test | 21.496 [0.1891] | |||
Normality test | 2.79 [0.2474] | |||
Heteroscedasticity test | 40.17 [0.1211] |