Table 7.

PMG short-run estimate, ΔANS is the dependent variable

Variables	Coefficients	Standard Error
ECT	−0.56***	0.08
Δ(ANS(−1))	−0.031	0.054
Δ(HEX)	3.61	4.50
Δ(HEX(−1))	−11.92*	6.62
Δ(HPREV)	−1.10	0.77
Δ(HPREV(−1))	0.86	0.83
Constant	7.84***	1.87

Note: *** and * indicate 1% and 10% significance level respectively.