Table 4 Long-run analysis Case Level...

Table 4

Long-run analysis

Case	Level equations
Case	Model 1	Model 2
IV	$P_{t} = 1.96 C P I_{t}^{+} - 8.84 C P I_{t}^{-} - 0.01 T r e n d + v_{t}$	$P_{t} = 1.91 C P I_{t}^{+} - 8.75 C P I_{t}^{-} - 0.01 T r e n d + v_{t}$
IV	(1.75)* (⁠ $-$ 8.45)* (⁠ $-$ 2.77)*	(2.20) (⁠ $-$ 9.48)* (⁠ $-$ 3.23)***
V	$P_{t} = 1.96 C P I_{t}^{+} - 8.84 C P I_{t}^{-} + v_{t}$	$P_{t} = 1.91 C P I_{t}^{+} - 8.75 C P I_{t}^{-} + v_{t}$
V	(1.75)* (−8.45)***	(2.20) (⁠ $-$ 9.48)*

Case	Level equations
Case	Model 1	Model 2
IV	$P_{t} = 1.96 C P I_{t}^{+} - 8.84 C P I_{t}^{-} - 0.01 T r e n d + v_{t}$	$P_{t} = 1.91 C P I_{t}^{+} - 8.75 C P I_{t}^{-} - 0.01 T r e n d + v_{t}$
IV	(1.75)* ( $-$ 8.45)* ( $-$ 2.77)*	(2.20) ( $-$ 9.48)* ( $-$ 3.23)***
V	$P_{t} = 1.96 C P I_{t}^{+} - 8.84 C P I_{t}^{-} + v_{t}$	$P_{t} = 1.91 C P I_{t}^{+} - 8.75 C P I_{t}^{-} + v_{t}$
V	(1.75)* (−8.45)***	(2.20) ( $-$ 9.48)*

Note(s): ***, ** and * denote significance at the 1, 5 and 10% levels, respectively. Case IV is the unrestricted constant and restricted trend specification, while case V is the unrestricted constant and unrestricted trend specification

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