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Test for non-linearity.
| Model | Chi-square statistic | p-value |
|---|---|---|
| Exchange rate pass through model | 30.05 | 0.000 |
| Taylor rule model | 13.88 | 0.014 |
Note: The null hypothesis of linear relationship of exchange rate across all the regions is to be rejected at 5 % confidence level that is p-value <0.05.
