Dependent Variables

Variables on R.H.S

Lag p

SIC

HORIZON ONE

(h = 1)

GDP

RPCE

M2

1

198

RPCE

FEDFUNDS

2

105

GDPDEF

GDP

INVEST

WAGE

12

80

INVEST

RPCE

FEDFUNDS

PROFIT

12

284

WAGE

GDP

INVEST

PROFIT

12

68

PROD

GDP

FEDFUNDS

FEDFUNDS

1

170

FEDFUNDS

INVEST

PROD

M2

12

224

PROFIT

INVEST

WAGE

FEDFUNDS

12

415

M2

PROD

FEDFUNDS

PROFIT

12

119

HORIZON TWO

(h = 2)

GDP

GDPDEF

FEDFUNDS

PROFIT

12

170

RPCE

GDP

FEDFUNDS

M2

12

90

GDPDEF

GDP

INVEST

WAGE

12

107

INVEST

GDP

FEDFUNDS

M2

12

286

WAGE

GDP

INVEST

FEDFUNDS

12

81

PROD

GDPDEF

FEDFUNDS

PROFIT

12

163

FEDFUNDS

RPCE

INVEST

PROFIT

12

212

PROFIT

GDPDEF

INVEST

FEDFUNDS

12

398

M2

RPCE

GDPDEF

FEDFUNDS

12

148