Table 1

Roots of characteristic polynomial

Endogenous variables: GN – E − GDP – dummy
Exogenous variables: consumers
Lag specification: 11
RootModulus
0.9950040.995004
0.6450600.645060
0.4739790.473979
0.2703010.270301

Note(s): No root lies outside the unit circle

VAR satisfies the stability condition

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