CPI

Ind

M2

CPI (lag)

Ind (lag)

M2 (lag)

${\beta }_{1t}$

0.42

0.37

0.31

0.44 (+2)

0.42 (+7)

0.52 (+10)

${\beta }_{2t}$

0.17

−0.47

−0.59

0.17

−0.52 (+10)

−0.59

${\beta }_{3t}$

0.31

−0.17

−0.11

0.37 (−2)

−0.20 (+4)

−0.16 (+6)