Table 3 Estimation results on impact of... | Emerald Publishing

Table 3

Estimation results on impact of world oil price on macroeconomic variables

Variable	Domestic oil price model		Inflation model		Output growth model
(1)	(2)	(3)	(4)	(5)	(6)	(7)
C	−0.001	0.001	0.001***	0.002**	−0.044	0.015***
GDP(–1)					2.233	0.846***
GDP(–2)					−0.420	−0.179
CPI(–1)			0.554***	0.451***
CPI(–2)			−0.039	0.190**
VOP(–1)	0.574***	0.068**
VOP(–2)	0.004	−0.032
OPP $λ^{OPP}$	6.564***	2.651***	0.373**	0.073**	−2.333	0.190***
$θ_{1}^{OPP}$	3.893**	0.982***	8.551***	17.323***	0.947***	0.156
$θ_{2}^{OPP}$	1.004***	0.981***	1.024***	19.998***	0.981***	1.170
OPN $λ^{OPN}$	6.001***	2.361***	0.364**	0.133**	−1.496	−0.211**
$θ_{1}^{OPN}$	1.627*	3.545***	3.434*	0.975***	0.965***	0.969***
$θ_{2}^{OPN}$	0.989***	5.723***	12.199*	1.013***	0.974***	0.941***
Adj. R²	0.721	0.608	0.800	0.475	0.823	0.700

Variable	Domestic oil price model		Inflation model		Output growth model
(1)	(2)	(3)	(4)	(5)	(6)	(7)
C	−0.001	0.001	0.001***	0.002**	−0.044	0.015***
GDP(–1)					2.233	0.846***
GDP(–2)					−0.420	−0.179
CPI(–1)			0.554***	0.451***
CPI(–2)			−0.039	0.190**
VOP(–1)	0.574***	0.068**
VOP(–2)	0.004	−0.032
OPP $λ^{OPP}$	6.564***	2.651***	0.373**	0.073**	−2.333	0.190***
$θ_{1}^{OPP}$	3.893**	0.982***	8.551***	17.323***	0.947***	0.156
$θ_{2}^{OPP}$	1.004***	0.981***	1.024***	19.998***	0.981***	1.170
OPN $λ^{OPN}$	6.001***	2.361***	0.364**	0.133**	−1.496	−0.211**
$θ_{1}^{OPN}$	1.627*	3.545***	3.434*	0.975***	0.965***	0.969***
$θ_{2}^{OPN}$	0.989***	5.723***	12.199*	1.013***	0.974***	0.941***
Adj. R²	0.721	0.608	0.800	0.475	0.823	0.700

Note(s): ***, ** and * denote significant level at 1%, 5% and 10% respectively

Source(s): Authors