Table 6. Long-run estimates (ARDL model)... | Emerald Publishing

Table 6.

Long-run estimates (ARDL model)

Variable	Coefficient	T ratio	Prob
Model A	f(T_t/IP_t, EM_t, CPI_t, EPU_t, EX_t, GPR_t)
IP_t	0.52*	2.49	0.02
EM_t	0.13*	2.46	0.02
CPI_t	−0.75*	−3.53	0.004
EPU_t	−0.80*	−5.73*	0.00
EX_t	0.46*	3.03	0.001
GPR_t	−0.62*	−2.93	0.02
constant	−0.23	1.96	0.23
Model B	f(IP_t/T_t, EM_t, CPI_t, EPU_t, EX_t, GPR_t)
T_t	0.52*	2.12	0.04
EM_t	0.14	0.22	0.44
CPI_t	−0.54*	−3.54	0.002
EPU_t	−0.11*	−5.46	0.00
EX_t	0.37	0.23	0.78
GPR_t	−0.55*	3.94	0.02
constant	0.85	0.43	0.98

Variable	Coefficient	T ratio	Prob
Model A	f(T_t/IP_t, EM_t, CPI_t, EPU_t, EX_t, GPR_t)
IP_t	0.52*	2.49	0.02
EM_t	0.13*	2.46	0.02
CPI_t	−0.75*	−3.53	0.004
EPU_t	−0.80*	−5.73*	0.00
EX_t	0.46*	3.03	0.001
GPR_t	−0.62*	−2.93	0.02
constant	−0.23	1.96	0.23
Model B	f(IP_t/T_t, EM_t, CPI_t, EPU_t, EX_t, GPR_t)
T_t	0.52*	2.12	0.04
EM_t	0.14	0.22	0.44
CPI_t	−0.54*	−3.54	0.002
EPU_t	−0.11*	−5.46	0.00
EX_t	0.37	0.23	0.78
GPR_t	−0.55*	3.94	0.02
constant	0.85	0.43	0.98

Note: (*) Indicates significant at the 1% level. Prob = probability