Pairwise Granger Causality Tests

Null Hypothesis:

Obs

F-Statistic

Prob.

MCN does not Granger Cause RGDP

18

0.33690

0.8083

RGDP does not Granger Cause MCN

12.1666

0.0004

IR does not Granger Cause RGDP

18

0.85586

0.5120

RGDP does not Granger Cause IR

0.31524

0.8241

IR does not Granger Cause MCN

18

0.43726

0.7392

MCN does not Granger Cause IR

2.55934

0.1257