The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)
Table 7 Panel ARDL mean group (PARDL-MG) estimations—downstreamness (2000–2014 and 2007–2009) based on median impact of the shock in monetary policy.
From: Monetary shocks and production network in the G7 countries
Downstreamness | Period: 2000–2014 | Period: 2007–2009 | ||
|---|---|---|---|---|
ir1′ | ir2′ | ir1′ | ir2′ | |
Short-run parameters | ||||
\({\text{down}}^{{\text{total}}}\) | − 0.003 | − 0.008 | 0.219 | − 0.96 |
\({\text{down}}^{{\text{construction}}}\) | 0.144 | 0.200 | − 0.207 | 0.177* |
\({\text{down}}^{{\text{fin}}}\) | − 0.088 | − 0.033 | − 0.039 | 0.005 |
\({\text{down}}^{{\text{ins}}}\) | − 0.032 | − 0.020 | − 0.028 | 0.054 |
\({\text{down}}^{{\text{estate}}}\) | − 0.211* | − 0.074 | − 0.178* | 0.167 |
ECT | ||||
Φj | − 0.255* | − 0.256 | − 0.436* | − 0.357* |
Long-run parameters | ||||
\({\text{down}}^{{\text{total}}}\) | 0.387* | 0.311 | 0.899* | − 0.058 |
\({\text{down}}^{{\text{construction}}}\) | − 0.387 | − 0.209 | − 1.019* | − 0.198 |
\({\text{down}}^{{\text{fin}}}\) | 0.004 | 0.167 | − 0.237* | 0.114 |
\({\text{down}}^{{\text{ins}}}\) | 0.0001 | 0.111 | − 0.977* | 0.167 |
\({\text{down}}^{{\text{estate}}}\) | − 0.776* | − 0.289 | − 0.826* | 1.334* |
Constant | 0.112 | − 0.133 | 0.557 | − 0.225 |