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| Wald test | Toda-Yamamoto | |||
| 1st step | 2nd step | 1st step | 2nd step | |
| Unemployment | 0.01 | 0.00 | 0.05 | / |
| Initial Claims | 0.00 | 0.00 | 0.00 | 0.07 |
| GI Food Stamps | 0.58 | / | 0.79 | / |
| GI Jobs | 0.01 | 0.00 | 0.26 | / |
| Food Stamps | 0.00 | 0.00 | 0.00 | 0.00 |
P-values of sequential tests for weak exogeneity: standard Wald test and Wald test using the approach by [37]. P-values smaller than 0.05 are in bold font.
