Table 1 WTI crude oil price: parameter...

Table 1

WTI crude oil price: parameter estimates after variable selection

$\overset{̅}{x}$	$m$	$θ$	$β$	$α$	$ϑ_{MUI}$	$ϑ_{FMUI}$	$ϑ_{G R I}$	$ϑ_{DYS}$
0.031*	0.017*	0.953*	0.011	−0.332	0.683*	1.330*	0.472*	−1.051**
[0.042]	[0.027]	[0.017]	[0.021]	[0.866]	[0.253]	[0.265]	[0.195]	[0.484]

$ϕ_{11}$	$ϕ_{12}$	$ϕ_{21}$	$ϕ_{22}$	$ϕ_{31}$	$ϕ_{32}$	$ϕ_{41}$	$ϕ_{42}$
1.245**	5.921	3.631**	4.493**	1.011**	4.528*	3.173**	4.005**
[0.872]	[9.617]	[2.082]	[1.910]	[1.210]	[2.253]	[1.038]	[2.230]

Note(s): * and ** indicate significance at the 1% and 5% levels, respectively. Standard deviations are reported in square brackets

Source(s): Authors' own elaboration

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