Error correction model

Δhdi_t

Δfdi_t

Δgovtsp_t

Δunem_t

Δopen_t

Δdebt_t

∆cpi_t

Constant

0.0010^***

0.4896

0.0102

0.0240^*

0.0697^*

0.5063

0.0123^**

Δhdi_t−1

0.8786^**

−3.887

0.8303

−11.962

2.0244

−5.9381

3.4149

Δfdi_t−1

0.0003^***

0.2406^*

−0.0302^**

−0.0916^**

−0.0046

−0.1017^**

0.0040^***

Δgovtsp_t−1

0.0025^***

3.5677

0.0344

0.7733

0.0031

−1.8647

0.0858

Δunem_t−1

−0.0015^***

0.5563

0.0411^**

0.4154

0.0499

−1.8647

0.0858

Δopen_t−1

−0.0061

1.7792

−0.1297

0.3391

0.0986

1.6499

0.0886

Δdebt_t−1

−0.0015^**

−0.2596

−0.0132

−0.07026^**

−0.0461^**

−0.3406

−0.0242^**

Δcpi_t−1

−0.0002^**

1.1229

−0.1496

1.07392

−1.0013

0.3778

0.2592

−0.0517^***

15.221

−0.0418^*

−3.2862^**

0.2059

−12.1223^*

−0.2337^*

R²

0.98

0.30

0.46

0.78

0.54

0.45

0.58