Variable

Model 1 (Gasoline)

Model 2 (Gas oil)

Model 3 (RFO)

D(PP(−1))

---

---

0.312434

(0.079291)

[3.940328]

D(LNCRD)

0.085429*

(0.027293)

[3.130070]

0.178000*

(0.046941)

[3.791989]

0.133713*

(0.030350)

[4.405708]

D(LNEXR)

−0.876944*

(0.170659)

[−5.138571]

−0.122831*

(0.034801)

[0.034801]

−0.958431*

(0.180677)

[−5.304675]

D(LNEXR(−1))

---

---

0.303154

(0.198790)

[1.524995]

D(LNINF)

0.015811

(0.020601)

[0.767507]

−0.034775

(0.037981)

[−0.915578]

0.066610*

(0.022876)

[2.911775]

CointEq(−1) ϕ

−0.172125*

(0.051912)

[−3.315680]

−0.488370*

(0.077285)

[−6.319067]

−0.179091*

(0.032252)

[−5.552807]