Ordinary least square estimates of first differences of electricity production in logarithms (ΔLEP) in Spain for the period 1958–2015 (equation (3))
| Explanatory variables | Coefficient |
|---|---|
| Intercept | −0.872 (−0.785) |
| Trend | 0.005 (0.831) |
| ΔLGDP (−1) | −0.301 (−1.034) |
| ΔLGDP (−2) | −0.036 (−0.120) |
| ΔLEP (−1) | −0.226 (−1.238) |
| ΔLEP (−2) | 0.113 (0.625) |
| ΔLCAP (−1) | −0.059 (−0.111) |
| ΔLCAP (−2) | 0.326 (0.624) |
| ΔLEMP (−1) | 0.475 (1.556) |
| ΔLEMP (−2) | −0.070 (−0.237) |
| LGDP (−1) | 0.083 (0.314) |
| LEP (−1) | −0.105 (−0.846) |
| LCAP (−1) | −0.109 (−0.623) |
| LEMP (−1) | 0.100 (1.545) |
| D2008 | −0.062 (−2.316) |
| R2 | 0.733 |
| Adjusted R2 | 0.637 |
| DW | 2.266 |
| F-statistic | 7.662 |
| AIC | −4.091 |
| LM | 4.017 |
| ARCH | 1.849 |
| Bounds test for cointegration | |
| FLEP(LEP/LGDP) | 1.689 |
| t(LEP/LGDP) | −0. 846 |
| ADF (resid) | −8.287*** |
| Explanatory variables | Coefficient |
|---|---|
| Intercept | −0.872 (−0.785) |
| Trend | 0.005 (0.831) |
| −0.301 (−1.034) | |
| −0.036 (−0.120) | |
| −0.226 (−1.238) | |
| 0.113 (0.625) | |
| −0.059 (−0.111) | |
| 0.326 (0.624) | |
| 0.475 (1.556) | |
| −0.070 (−0.237) | |
| 0.083 (0.314) | |
| −0.105 (−0.846) | |
| −0.109 (−0.623) | |
| 0.100 (1.545) | |
| −0.062 (−2.316) | |
| 0.733 | |
| Adjusted | 0.637 |
| DW | 2.266 |
| 7.662 | |
| AIC | −4.091 |
| LM | 4.017 |
| ARCH | 1.849 |
| Bounds test for cointegration | |
| 1.689 | |
| −0. 846 | |
| ADF (resid) | −8.287*** |
Notes:
LGDP is the level of real GDP in logarithms; LEP is the level of electricity production in logarithms; 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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