Diagnostic tests
| Diagnostic tests | Model 1 | Model 2 | Model 3 | |||
|---|---|---|---|---|---|---|
| Jarque-Bera test for normality | 2.9232 | (0.2380) | 3.7157 | (0.6265) | 2.2410 | (0.9231) |
| Breusch-Godfrey serial correlation LM test | 2.0151 | (0.6109) | 0.3091 | (0.3873) | 0.0384 | (0.6229) |
| Ramsey reset test | 1.1447 | (0.1262) | 1.2571 | (0.7619) | 7.3175 | (0.3012) |
| Heteroskedasticity test: Breusch-Pagan-Godfrey | 1.6101 | (0.6273) | 2.6127 | (0.2108) | 2.4307 | (0.1456) |
| Diagnostic tests | Model 1 | Model 2 | Model 3 | |||
|---|---|---|---|---|---|---|
| Jarque-Bera test for normality | 2.9232 | (0.2380) | 3.7157 | (0.6265) | 2.2410 | (0.9231) |
| Breusch-Godfrey serial correlation LM test | 2.0151 | (0.6109) | 0.3091 | (0.3873) | 0.0384 | (0.6229) |
| Ramsey reset test | 1.1447 | (0.1262) | 1.2571 | (0.7619) | 7.3175 | (0.3012) |
| Heteroskedasticity test: Breusch-Pagan-Godfrey | 1.6101 | (0.6273) | 2.6127 | (0.2108) | 2.4307 | (0.1456) |
Source(s): Authors’ computations
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