Dependent Variable

Short-Run

Long-Run

C

DLCIC(−1)

DLCPS(−1)

DIFR(−1)

DEXR(−1)

DLM2(−1)

ECT(−1)

DLM2

0.043803

(0.00896)

[4.8860]^a

−0.3212

(0.1109)

[−2.8973]^b

0.101315

(0.07416)

[1.36613]

−0.000698

(0.00144)

[−0.48351]

−9.71E−05

(0.00054)

[−0.1784]

0.308855 (0.18265)

[1.69093]

−0.2173

(0.09862)

[−2.2035]^b

DLCPS

0.042472

(0.01371)

[3.0982]^a

−0.198273 (0.16952)

[−1.16961]

−0.090789

(0.11340)

[−0.80058]

0.000757

(0.00221)

[0.34278]

−0.00039 (0.00083)

[−0.4672]

0.473076 (0.17930)

[2.6385]^b

−0.03296 (0.0080)

[−4.1200]^a

DLCIC

0.043393

(0.01606)

[2.7023]^a

−0.416171

(0.19857)

[−2.0958]^b

0.165318

(0.13284)

[1.24450]

−0.000895

(0.00259)

[−0.34617]

−0.00026 (0.00097)

[−0.2631]

0.388552 (0.1717)

[2.2630]^b

0.097993 (0.17664)

[0.55475]