Long-run relationship
l e n c = 1.000 l e n c t − 1 − 0.51 ︸ ( 0.058 ) [ − 8.73 ] ⋅ l g d p t − 1 − 1.04 ︸ ( 25.91 ) [ − 7.34 ] ⋅ l p o p t − 1 + 14.81
Short-run relationship
Δ l e n c = − 0.25 ︸ ( 0.11 ) [ − 2.31 ] E C T − 1 + 0.22 ︸ ( 0.17 ) [ 1.30 ] Δ l e n c − 1 + 0.04 ︸ ( 0.18 ) [ 0.24 ] Δ l e n c − 2 − 0.06 ︸ ( 0.06 ) [ − 0.97 ] Δ l g d p − 1 + 0.027 ︸ ( 0.05 ) [ 0.49 ] Δ l g d p − 2 − 0.33 ︸ ( 9.12 ) [ − 0.04 ] Δ l p o p − 1 + 3.32 ︸ ( 9.24 ) [ 0.36 ] Δ l p o p − 2 + 0.07 ︸ ( 0.03 ) [ 1.98 ]