Table 5.
Error correction mechanism
| Variable | Coefficient | Std. error | t-Statistic | Prob |
|---|---|---|---|---|
| C | 1.450 | 0.489 | 2.965 | 0.006 |
| ϵ t-1 | −0.318 | 0.119 | −2.678 | 0.013 |
| Δ(LPROD)t-2 | 0.729 | 4.568 | 1.779 | 0.087 |
| Δ(LTO)t-2 | −0.511 | 3.942 | 2.041 | 0.052 |
| Statistical tests | ||||
| R-squared | 0.561 | Mean dependent var | 0.900 | |
| Adjusted R-squared | 0.538 | S.D. dependent var | 8.521 | |
| S.E. of regression | 2.450 | Akaike info criterion | 6.773 | |
| Sum squared resid | 144.135 | Schwarz criterion | 6.867 | |
| Log likelihood | −99.606 | F-statistic | 15.851 | |
| Durbin-Watson stat | 2.177 | Prob(F-statistic) | 0.000 | |
| Residual tests: | ||||
| Jarque-Bera test | 0.903 (0.636) | |||
| ARCH test | 0.220 (0.803) | |||
| White Heteroskedasticity | 0.569 (0.188) | |||
| Breusch-Godfrey serial correlation LM test | 1.324 (0.117) | |||
| Stability tests: | ||||
| Ramsey RESET test | 2.027(0.165) | |||
Dependent variable: Δ(LRER).