Model 1

Modle 2

Model 3

Model 4

Model 5

C

0.55***

(2.63)

0.55***

(2.61)

0.55***

(2.60)

0.55

(1.32)

0.66

(1.26)

INFLATION

0.16**

(2.02)

0.16**

(2.02)

0.16**

(1.95)

0.16

(1.13)

0.12

(0.62)

OUTPUT

0.29***

(2.71)

0.29***

(2.73)

0.05***

(2.68)

0.29**

(2.29)

0.29***

(2.38)

S (−1)

0.01

(0.36)

0.71

(0.35)

0.01

(0.46)

0.03

(0.28)

S (−2)

0.87

(0.17)

AdjR

0.07

0.06

0.05

0.06

0.01

F

4.04

3.29

2.45

3.29

DW

0.03

0.03

0.03

0.03

0.07