M2 Money Aggregate

Lags

Calculated F-test

Optimal lags

Ecm (−1)

F-test at Optimal lags

95% Lower Bound

95% Upper Bound

2

5.2460** (0.003)

(1, 2, 1, 1)

−0.2468** (0.000)

9.2807

3.5314

4.7607

4

0.8486 (0.516)

(1, 3, 4, 0)

−0.5086** (0.000)

9.7501

3.5866

4.8454

6

3.3342 (0.109)

(1, 2, 6, 0)

−0.2698** (0.000)

9.1425

3.6207

4.8629