Table 6.

Policy rate analysis

	Policy rate	Res. req.	Macro-financial	Fiscal
PPP	−216.4***	−68.08***	7.76***	21.43***
	(−7.06)	(−5.67)	(2.68)	(5.96)
ESP	0.324***	2.42***	0.40***	0.31***
	(2.03)	(6.23)	(6.74)	(4.57)
WS	0.46***	−2.23***	−0.23***	−0.03***
	(3.95)	(−3.14)	(−2.41)	(−0.54)
AB	0.3104***	0.787***	0.4433***	0.3614
	(−0.62)	(−2.78)	(5.76)	(3.21)
LGRF	0.04*	0.05**	0.03**	0.03***
	(1.08)	(0.65)	(3.24)	(3.68)
GC	−0.31*	2.03***	0.03**	−0.31***
	(−1.45)	(3.15)	(0.76)	(−5.17)
CRF	0.2134**	0.2165***	0.1394**	0.1504***
	(0.0021)	(0.0281)	(0.004)	(0.068)
LA	0	0	0	0
ER	−2.0341***	−2.45.37***	4.923**	3.425***
	(−4.12)	(−3.28)	(2.58)	(3.41)
IR	−0.223**	−2.624**	−4.634**	−4.635**
	(−0.012)	(−4.428)	(2.148)	(4.341)
J-test (p-value)	0.56	0.45	0.41
Under-identification (p-value)	0.00	0.00	0.04

*, **, and *** indicate the level of significance at 10%, 5%, and 1%respectively