Table 6.
Panel ARDL estimation results (1,1,1,1,1)
| Variables | PMG | MG | DFE | |||
|---|---|---|---|---|---|---|
| Coefficients | z-statistic | Coefficients | z-statistic | Coefficients | z-statistic | |
| Long-run results | ||||||
| lnEPU | −0.0792331 | −5.20*** | −0.0641288 | −2.93*** | −0.0754501 | −2.13** |
| lnW | 0.4531534 | 5.96*** | 0.631202 | 2.30** | 0.5379684 | 6.18*** |
| lnTO | −0.5215974 | −8.04*** | −0.4741248 | −3.04*** | −0.3304449 | −3.21*** |
| lnNR | 0.0982784 | 8.88*** | 0.093378 | 2.80*** | 0.0259528 | 1.05 |
| lnLE | −4.42931 | −6.31*** | −2.682202 | −0.91 | −2.785417 | −2.86*** |
| Short-run results | ||||||
| ECT(-1) | −0.3744295 | −4.87*** | −0.8947111 | −9.16*** | −0.3941237 | −8.84*** |
| Δ(lnEPU) | 0.0181691 | 1.21 | 0.0616388 | 2.20** | 0.0173634 | 1.09 |
| Δ(lnW) | 0.5103846 | 3.23*** | 0.1286102 | 0.42 | 0.2648649 | 2.41** |
| Δ(lnTO) | 0.137651 | 1.31 | 0.2283546 | 1.68* | −0.0579973 | −0.84 |
| Δ(lnNR) | −0.0077148 | −0.74 | −0.0331151 | −1.80* | 0.016159 | 1.37 |
| Δ(lnLE) | −6.361601 | −1.19 | −5.222865 | −0.49 | −0.2006225 | −0.14 |
| C | 13.4671 | 1.38 | 3.973503 | 2.66*** | ||
| Hausman test | ||||||
| PMG vs. MG | PMG vs. DFE | MG vs. DFE | ||||
| p-value | 0.8966 | p-value | 1.0000 | p-value | 1.0000 | |
*, **, and *** denote statistically significant at the 10%, 5%, and 1% levels, respectively. Source: Current Research