Table 6.
The long-run elasticity estimates in context of models (4)
| Model | (4) | (4) | (4) |
|---|---|---|---|
| Dep. var. | lnACFT | lnACFT | lnACFT |
| Estimator | CUP-FM | CUP-BC | FGLS |
| Regressors | |||
| lnIOPEN | 3.728*** | 1.897*** | 2.480*** |
| (1.133) | (0.435) | (1.001) | |
| lnIOPEN2 | 7.061*** | 6.591*** | 7.925*** |
| (1.596) | (2.296) | (2.830) | |
| lnCO2 | 9.101*** | 8.617*** | 6.753*** |
| (3.793) | (2.409) | (2.975) | |
| lnOIL | 1.894 | 1.536 | 1.129 |
| (1.544) | (1.268) | (1.048) | |
| lnOIL2 | 4.094 | 3.536 | 2.129 |
| (2.744) | (2.668) | (2.348) | |
| lnLIFE | 2.249 | 1.893 | 1.238 |
| (1.982) | (1.590) | (1.090) | |
| lnSSE | 2.853*** | 1.831** | 1.626*** |
| (0.649) | (0.935) | (0.224) | |
| lnCPI | − 0.319 | − 0.310 | − 0.281 |
| (0.212) | (0.213) | (0.199) | |
| lnGNIPC | 3.349*** | 3.453*** | 3.386*** |
| (1.180) | (1.197) | (1.202) | |
| lnGNIPC2 | 8.141*** | 8.053*** | 8.189*** |
| (2.322) | (2.956) | (2.618) | |
| Constant | − 51.179*** | − 15.332** | − 52.157*** |
| (20.048) | (7.688) | (16.0594) | |
| Wald Chi2 | 1223.1*** | ||
| Adj. R2 | 0.641 | 0.762 | |
| Observations | 101 | 101 | 102 |
The standard errors are reported within the parentheses; ***, **, and * denote statistical significance at 1%, 5%, and 10% levels respectively