Regressor

Dependent variable: log of private consumption (logC)

ARDL

FMOLS

DOLS

Coef.

t-stat.

Coef.

t-stat.

Coef.

t-stat.

Income

0.618*

10.923

0.867*

11.030

0.317*

2.024

Wealth

0.106*

3.859

0.061

1.460

0.111**

1.697

Gov. consumption

0.290*

4.259

0.167*

2.310

0.413*

6.857

Inflation

−0.035*

−8.458

−0.013**

−1.660

−0.081*

−4.137

Interest rate

−0.026*

−5.647

−0.009

−1.361

−0.067*

−3.848