Table 8.

Variance decomposition estimates

Variance decomposition of ▲ln(NEW)
Months	SE.	▲ln(NEW)	▲ln(CDAM)	▲ln(CPI)	▲ln(ESR)	▲ln(GDPPC)	▲ln(MS)
January 2021	2.654876	99.44022	0.434700	0.025601	0.002212	0.083785	0.013486
February 2021	2.659966	99.07438	0.689012	0.043968	0.033965	0.099237	0.059434
March 2021	2.660194	99.06047	0.696863	0.046784	0.036024	0.099241	0.060616
April 2021	2.660198	99.06023	0.696866	0.046926	0.036051	0.099290	0.060632
May 2021	2.660198	99.06022	0.696872	0.046927	0.036052	0.099294	0.060639
June 2021	2.660198	99.06021	0.696873	0.046927	0.036052	0.099294	0.060639
July 2021	2.660198	99.06021	0.696873	0.046927	0.036052	0.099294	0.060639
August 2021	2.660198	99.06021	0.696873	0.046927	0.036052	0.099294	0.060639
September 2021	2.660198	99.06021	0.696873	0.046927	0.036052	0.099294	0.060639
Variance decomposition of ▲ln(NEWF)
Months	SE.	▲ln(NEWF)	▲ln(CDAM)	▲ln(CPI)	▲ln(ESR)	▲ln(GDPPC)	▲ln(MS)
February 2021	2.259445	99.56116	0.145534	0.167805	0.101744	0.023752	2.25E-08
March 2021	2.259966	99.54227	0.158234	0.172984	0.101747	0.024764	2.26E-08
April 2021	2.259984	99.54074	0.158641	0.174017	0.101820	0.024786	2.26E-08
May 2021	2.259985	99.54066	0.158651	0.174058	0.101841	0.024786	2.26E-08
June 2021	2.259985	99.54066	0.158654	0.174059	0.101842	0.024786	2.26E-08
July 2021	2.259985	99.54066	0.158654	0.174059	0.101842	0.024786	2.26E-08
August 2021	2.259985	99.54066	0.158654	0.174059	0.101842	0.024786	2.26E-08
September 2021	2.259985	99.54066	0.158654	0.174059	0.101842	0.024786	2.26E-08

Note: ▲ shows the first difference, ln shows natural logarithm, CDAM shows carbon damages, SQDAM shows a square of CDAM, CPI shows inflation, ESR shows environmental sustainability rating, GDPPC shows per capita GDP and MS shows money supply