(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

constant

2.42

(13.23)

2.49

(13.43)

2.56

(13.67)

2.63

(13.90)

2.71

(14.22)

0.31

(0.78)

−0.052

(0.86)

0.025

(0.63)

time

−0.275

(7.39)

${\dot{P}}_{t-1}$

−0.029

(7.68)

1.03

(8.89)

0.997

(35.55)

0.969

(40.30)

${\dot{P}}_{t-2}$

−0.030

(8.00)

−0.021

(0.125)

${\dot{P}}_{t-3}$

−0.031

(8.31)

−0.091

(0.55)

${\dot{P}}_{t-4}$

−0.037

(8.70)

0.041

(0.36)

$D_t$

0.101

(0.66)

${\dot{P}}_{t-1}\cdot D_t$

0.010

(0.22)

Adj∙R²

0.395

0.417

0.441

0.463

0.489

0.950

0.955

0.953