Table 1 Descriptive statistics and...

Table 1

Descriptive statistics and correlation analysis

	$Δ {D e v i a t i o n}_{H P}$	$Δ {D e v i a t i o n}_{C H}$	$Δ {D e v i a t i o n}_{EXP}$	ΔEPU	ΔLEMV	ΔNFCI	FFR
Rules-based period (1985–2003)
Mean	0.07	0.07	0.06	−0.01	0.01	0.00	5.42
Median	0.02	0.04	0.03	−0.04	−0.02	−0.03	5.53
Maximum	2.17	2.06	2.37	0.68	1.46	0.71	9.73
Minimum	−1.45	−1.35	−1.44	−0.55	−0.68	−0.52	1.02
Std. Dev.	0.70	0.69	0.73	0.27	0.29	0.18	2.10
Skewness	0.24	0.15	0.36	0.34	1.69	1.06	−0.23
Kurtosis	3.05	2.97	3.22	2.75	10.56	6.99	2.54
Observations	74	74	74	74	74	74	74
$Δ {D e v i a t i o n}_{H P}$	1.00	0.92	0.96	0.02	0.05	0.25	–
$Δ {D e v i a t i o n}_{C H}$	0.92	1.00	0.94	0.10	0.07	0.34	–
$Δ {D e v i a t i o n}_{EXP}$	0.96	0.94	1.00	0.07	0.06	0.31	–
ΔLEPU	0.02	0.10	0.07	1.00	0.68	0.55	–
ΔLEMV	0.05	0.07	0.06	0.68	1.00	0.39	–
ΔNFCI	0.25	0.34	0.31	0.55	0.39	1.00	–
FFR	–	–	–	–	–	–	–
Discretionary period (2004–2022)
Mean	0.14	0.13	0.12	0.01	0.00	0.01	1.28
Median	0.14	0.04	−0.08	0.01	−0.02	0.01	0.37
Maximum	5.06	5.37	9.65	0.80	0.82	1.66	5.26
Minimum	−7.15	−6.15	−7.25	−0.67	−0.47	−0.86	0.06
Std. Dev.	1.81	1.54	2.12	0.28	0.26	0.29	1.62
Skewness	−0.91	−0.19	0.61	0.49	0.95	1.93	1.32
Kurtosis	8.95	8.14	10.87	3.69	4.07	17.22	3.54
Observations	74	74	74	74	74	74	74
$Δ {D e v i a t i o n}_{H P}$	1.00	0.91	0.93	−0.05	−0.20	−0.29	–
$Δ {D e v i a t i o n}_{C H}$	0.91	1.00	0.94	−0.13	−0.32	−0.35	–
$Δ {D e v i a t i o n}_{EXP}$	0.93	0.94	1.00	−0.11	−0.31	−0.35	–
ΔLEPU	−0.05	−0.13	−0.11	1.00	0.58	0.44	–
ΔLEMV	−0.20	−0.32	−0.31	0.58	1.00	0.48	–
ΔNFCI	−0.29	−0.35	−0.35	0.44	0.48	1.00	–
FFR	–	–	–	–	–	–	–

	$Δ {D e v i a t i o n}_{H P}$	$Δ {D e v i a t i o n}_{C H}$	$Δ {D e v i a t i o n}_{EXP}$	ΔEPU	ΔLEMV	ΔNFCI	FFR
Rules-based period (1985–2003)
Mean	0.07	0.07	0.06	−0.01	0.01	0.00	5.42
Median	0.02	0.04	0.03	−0.04	−0.02	−0.03	5.53
Maximum	2.17	2.06	2.37	0.68	1.46	0.71	9.73
Minimum	−1.45	−1.35	−1.44	−0.55	−0.68	−0.52	1.02
Std. Dev.	0.70	0.69	0.73	0.27	0.29	0.18	2.10
Skewness	0.24	0.15	0.36	0.34	1.69	1.06	−0.23
Kurtosis	3.05	2.97	3.22	2.75	10.56	6.99	2.54
Observations	74	74	74	74	74	74	74
$Δ {D e v i a t i o n}_{H P}$	1.00	0.92	0.96	0.02	0.05	0.25	–
$Δ {D e v i a t i o n}_{C H}$	0.92	1.00	0.94	0.10	0.07	0.34	–
$Δ {D e v i a t i o n}_{EXP}$	0.96	0.94	1.00	0.07	0.06	0.31	–
ΔLEPU	0.02	0.10	0.07	1.00	0.68	0.55	–
ΔLEMV	0.05	0.07	0.06	0.68	1.00	0.39	–
ΔNFCI	0.25	0.34	0.31	0.55	0.39	1.00	–
FFR	–	–	–	–	–	–	–
Discretionary period (2004–2022)
Mean	0.14	0.13	0.12	0.01	0.00	0.01	1.28
Median	0.14	0.04	−0.08	0.01	−0.02	0.01	0.37
Maximum	5.06	5.37	9.65	0.80	0.82	1.66	5.26
Minimum	−7.15	−6.15	−7.25	−0.67	−0.47	−0.86	0.06
Std. Dev.	1.81	1.54	2.12	0.28	0.26	0.29	1.62
Skewness	−0.91	−0.19	0.61	0.49	0.95	1.93	1.32
Kurtosis	8.95	8.14	10.87	3.69	4.07	17.22	3.54
Observations	74	74	74	74	74	74	74
$Δ {D e v i a t i o n}_{H P}$	1.00	0.91	0.93	−0.05	−0.20	−0.29	–
$Δ {D e v i a t i o n}_{C H}$	0.91	1.00	0.94	−0.13	−0.32	−0.35	–
$Δ {D e v i a t i o n}_{EXP}$	0.93	0.94	1.00	−0.11	−0.31	−0.35	–
ΔLEPU	−0.05	−0.13	−0.11	1.00	0.58	0.44	–
ΔLEMV	−0.20	−0.32	−0.31	0.58	1.00	0.48	–
ΔNFCI	−0.29	−0.35	−0.35	0.44	0.48	1.00	–
FFR	–	–	–	–	–	–	–

Source(s): Author’s own calculation

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