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PMG short-run estimate, ΔHEX is the dependent variable
| Variables | Coefficient | Standard Error |
| ECT | −0.03* | 0.01 |
| Δ(HEX(−1)) | 0.50*** | 0.08 |
| Δ(ANS) | −0.0008 | 0.002 |
| Δ(ANS(−1)) | −0.00042 | 0.0011 |
| Δ(HPREV) | 0.009 | 0.006 |
| Δ(HPREV(−1)) | −0.002 | 0.007 |
| Constant | 0.35*** | 0.13 |
Note: *** and * indicate 1% and 10% significance level respectively.
