Table 2 Correlation matrix Variable r _...

Table 2

Correlation matrix

Variable	$r_t$	$y_t$	$r *_t$	$p i_t$	$p i^{'}_t$	$y^{'}_t$	$M C I_c n t_t$	$M C I_t v p_t$
$r_{t}$	1.0000
$y_{t}$	−0.1360	1.0000
$r *_{t}$	−0.2353	0.1305	1.0000
$π_{t}$	0.6234	−0.1697	−0.9063	1.0000
$π_{t}^{'}$	0.6234	−0.1697	−0.9063	1.0000	1.0000
$y^{'}_t$	−0.1915	0.3053	0.3446	−0.3803	−0.3803	1.0000
$M C I_c n t_{t}$	−0.0746	−0.1167	0.0620	−0.0822	−0.0822	0.0253	1.0000
$M C I_t v p_{t}$	0.2962	−0.2259	−0.4020	0.4527	0.4527	−0.1978	0.0555	1.0000

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