Ordinary least square estimates of first differences of real GDP in logarithms (ΔLGDP) in Spain for the period 1958–2015 (equation (2))
| Explanatory variables | Coefficient |
|---|---|
| Intercept | 11.28 (1.960) |
| Trend | −0.0014 (0.471) |
| ΔLGDP (−1) | 0.099 (0.658) |
| ΔLGDP (−2) | 0.279 (1.808) |
| ΔLEP (−1) | −0.166 (−1.754) |
| ΔLEP (−2) | −0.160 (−1.712) |
| ΔLCAP (−1) | 0.132 (0.479) |
| ΔLCAP (−2) | 0.009 (0.033) |
| ΔLEMP (−1) | 0.557 (3.520) |
| ΔLEMP (−2) | −0.0372 (−0.244) |
| LGDP (−1) | −0.632 (−4.590) |
| LEP (−1) | 0.252 (3.898) |
| LCAP (−1) | 0.210 (2.317) |
| LEMP (−1) | 0.0834 (2.487) |
| D2008 | 0.0360 (−2.608) |
| R2 | 0.856 |
| Adjusted R2 | 0.804 |
| DW | 2.023 |
| F-statistic | 16.563 |
| AIC | −5.405 |
| LM | 1.964 |
| ARCH | 0.058 |
| Bounds test for cointegration | |
| FLGDP(LGDP/LEP) | 11.786** |
| t(LGDP/LEP) | −4.590** |
| ADF (resid) | −7.743 *** |
| Explanatory variables | Coefficient |
|---|---|
| Intercept | 11.28 (1.960) |
| Trend | −0.0014 (0.471) |
| 0.099 (0.658) | |
| 0.279 (1.808) | |
| −0.166 (−1.754) | |
| −0.160 (−1.712) | |
| 0.132 (0.479) | |
| 0.009 (0.033) | |
| 0.557 (3.520) | |
| −0.0372 (−0.244) | |
| −0.632 (−4.590) | |
| 0.252 (3.898) | |
| 0.210 (2.317) | |
| 0.0834 (2.487) | |
| 0.0360 (−2.608) | |
| 0.856 | |
| Adjusted | 0.804 |
| DW | 2.023 |
| 16.563 | |
| AIC | −5.405 |
| LM | 1.964 |
| ARCH | 0.058 |
| Bounds test for cointegration | |
| 11.786** | |
| −4.590** | |
| ADF (resid) | −7.743 *** |
Notes:
LGDP is the level of real GDP in logarithms and LEP is the level of electricity production and LCAP and LEMP are the stock of capital and the employment, respectively, in logarithms. The symbol Δ represents the first differences of the variables. D2008 is a dummy variable that takes value one since 2008
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