Variable

Coefficient

Standard Error

t-Statistic

Probability

CointEq(e1)

−0.354

0.046

−7.739

0.000

D(AG(−1))

0.123

0.028

4.409

0.001

D(LG)

0.474

0.161

2.944

0.013

D(LG(−1))

0.120

0.125

0.961

0.357

D(K)

0.358

0.012

29.005

0.000

D(K(−1))

0.210

0.038

5.499

0.000

D(ALG)

−0.277

0.101

−2.743

0.019

D(ALG(−1))

−0.530

0.099

−5.362

0.000

D(P)

0.081

0.003

26.605

0.000

D(P(−1))

0.050

0.009

5.230

0.000

D(TFA)

1.033

0.006

165.699

0.000

D(TFA(−1))

0.355

0.094

3.782

0.003

D(RER)

0.118

0.041

2.888

0.015

D(RER(−1))

0.120

0.049

2.430

0.033