Table 2.

Granger causality tests and cross-correlation signs of ERKs series and Consumer Climate (and its four components).

ERK series	Climate		Personal		Economic		Current		Future
	Coef	Sign	Coef	Sign	Coef	Sign	Coef	Sign	Coef	Sign
Covid	0.16	−	2.24	−	5.83***	−	0.36	−	0.26	−
Lockdown	0.09	−	2.23	−	0.22	−	0.38	−	0.05	−
Unemployment	2.54	−	5.86**	−	1.41	−	1.02	−	3.05*	−
Quantitative easing	2.65	+	3.70*	+	1.36	+	1.12	+	2.58	+
Economic crisis	0.50	−	3.87*	−	0.24	−	0.38	−	0.85	−
Interest rate	4.06**	−	6.54**	+	1.63	+	3.61*	+	2.73*	+
Monetary politics	3.48*	−	6.04**	+	1.92	+	2.99*	+	3.23*	+
European community	0.82	−	3.07*	−	0.82	−	0.86	+	1.36	−
Financial markets	0.95	+	2.51	+	0.97	+	1.72	+	1.18	+
EU	1.68	−	10.33***	−	0.40	–	6.72**	−−	0.91	–
Unions	0.08	−	1.93	+	0.81	−	0.57	−	0.12	−
Strikes	0.24	−	1.98	+	0.25	+	0.54	+	0.06	+
Deficit	0.73	+	5.16***	+	0.57	+	1.75	+	0.44	+
Taxation	0.23	+	2.02	+	1.21	+	0.48	+	0.49	+
Btp-bot	4.10**	+	7.41***	+	2.55	+	6.08***	+	3.15*	+
Prices	2.01	−	4.51**	+	1.52	−	3.39*	+	1.04	+
Italian stock exchange	3.80*	+	6.28**	+	1.82	+	6.19**	+	2.46	+
Bank of Italy	2.08	+	4.41**	+	0.72	+	0.88	+	1.78	+
Smartworking	0.55	−	2.29	−	0.84	−	0.84	−	0.21	−
Junkbond	2.05	+	6.04**	+	1.41	+	1.07	+	2.66	+
House	2.66*	−	1.94	+	2.86*	−	0.71	+	2.64*	−
Purchase	3.88*	−	6.26**	+	1.45	−	3.57*	+	3.90**	−
Rent	0.42	−	2.00	−	0.60	−	0.40	−	0.74	−
Car	1.92	+	1.94	+	3.22*	+	1.21	+	1.24	+
Incomes	0.93	+	2.00	+	1.77	+	1.94	+	0.81	+
Employee loans	1.78	+	7.35***	+	1.02	−	1.37	+	2.25	+
Loan	2.00	−	6.74**	−	1.51	−	4.57**	−	1.97	−
Family	2.90*	−	5.32**	+	2.78*	−	5.84**	+	2.67	+
Trust	5.35**	+	2.08	−	3.98**	+	0.39	+	2.15	+
Discomfort	3.29*	+	6.88***	+	1.32	+	3.88*	+	2.76*	+
Job	0.16	+	2.12	+	0.23	+	0.77	+	0.12	+
PC	1.68	−	2.09	−	0.42	−	1.76	−	0.13	−
Politics	1.55	+	6.90***	−	0.53	+	5.21**	+	1.28	+
Public sector	3.18*	+	7.97***	+	3.55*	+	3.37*	+	4.32**	+
Economy	0.58	−	2.94*	−	0.33	−	0.58	−	0.80	−
Education degree	6.64**	−	5.65**	−	3.64*	−	1.30	−	7.45***	−
Consumers	0.81	+	3.72*	+	0.88	+	2.10	+	1.27	+
Needs	1.13	+	3.31*	+	2.54	+	1.34	+	1.85	+
Global	2.78*	+	6.54**	−	2.01	+	3.09*	+	3.96**	+
Institutions	0.35	−	2.01	−	1.61	+	0.47	−	1.28	+
Retirement pension	0.08	+	2.31	+	0.22	+	0.46	+	0.08	+
Saving	1.08	+	6.47**	+	0.47	+	3.62*	+	0.94	+
Vacation	0.10	+	2.00	+	0.23	−	0.70	−	0.06	+
Competition	3.34*	+	8.58***	+	1.88	+	4.51**	+	5.02**	+
Spread	3.81*	+	2.41	+	3.54*	+	1.17	+	4.46**	+
Rating	2.69	+	2.84*	+	3.78**	+	1.45	+	2.75*	+
Euro-group	1.18	−	5.07**	+	1.10	−	0.93	+	1.75	−
Coronabond	2.62	−	6.75**	+	1.91	−	1.16	+	3.68*	−
Eurobond	2.49	−	6.29**	+	1.96	−	1.15	+	3.42*	−
Sure	1.53	−	3.44*	+	2.40	−	0.35	+	3.97**	−
European investment bank	2.64	+	7.58***	+	1.15	+	1.34	+	3.10*	+
Oil	0.99	+	2.24	+	0.93	+	0.88	+	0.51	+
Gold	3.90**	+	2.10	+	4.85***	+	0.98	+	4.30**	+
Troika	4.25**	−	5.79**	+	4.33**	−	1.57	+	6.42**	−
Euro	0.08	+	2.09	+	0.74	+	0.44	+	0.08	+
Italian public retirement system	1.80	−	9.63***	−	0.84	−	3.38*	−	2.41	−
GDP	0.47	−	2.55	+	0.45	−	0.51	+	0.37	+
Confindustria (National Industrial Association)	1.66	−	2.21	−	0.96	−	0.40	−	1.31	−
Sentiment	1.39	+	3.00*	+	0.22	+	1.09	+	0.59	+

 ∗ p < .10.

 ∗  ∗ p < .05.

 ∗  ∗  ∗ p < .01.