M1 Money Aggregate

Lags

Calculated F-test

Optimal lags

Ecm (−1)

F-test at Optimal lags

95% Lower Bound

95% Upper Bound

2

3.5064* (0.021)

(2, 0, 2, 1)

−0.2070** (0.009)

6.2439

3.5314

4.7607

4

2.0734 (0.135)

(1, 3, 3, 0)

−0.1091 (0.147)

7.0495

3.5866

4.8454

6

1.4315 (0.346)

(2, 4, 0, 0)

0.1197 (0.118)

4.1642

3.6207

4.8629