Table 7.
Lag-order selection test: Akaike criterion
| Lag number | Lag number | ||
|---|---|---|---|
| Argentina | 4 | New Zealand | 2 |
| Australia | 1 | Peru | 4 |
| Brazil | 4 | Philippines | 4 |
| Canada | 3 | South Africa | 2 |
| China | 1 | Saudi Arabia | 3 |
| Chile | 4 | Singapore | 4 |
| Euro area | 2 | Sweden | 2 |
| India | 4 | Switzerland | 4 |
| Indonesia | 3 | Thailand | 4 |
| Japan | 3 | Turkey | 3 |
| Korea | 4 | UK | 1 |
| Mexico | 3 | USA | 4 |
| Norway | 2 |
Table reports the number of domestic lags chosen by the Akaike criterion, for each country model. Results are unchanged irrespective of the model featuring PITR shocks or CITR shocks