Table 9.

PMG short-run estimate, ΔHPREV is the dependent variable

Variable	Coefficient	Standard Error
ECT	−0.60***	0.10
Δ(HPREV(−1))	0.18***	0.07
Δ(ANS)	0.022***	0.009
Δ(ANS(−1))	0.016***	0.006
Δ(ANS(−2))	0.001	0.012
Δ(HEX)	0.87**	0.37
Δ(HEX(−1))	−0.29	0.65
Δ(HEX(−2))	−1.34	0.96
Constant	3.46***	0.54

Note: ***, ** and * indicate 1% and 5% significance level respectively.