F-statistic

0.233687

Prob. F(2,24)

0.7934

Obs*R-squared

0.605996

Prob. Chi-Square(2)

0.7386

Test Equation:

Dependent Variable: RESID

Method: ARDL

Sample: 1984 2015

Included observations: 32

No d.f. adjustment for standard errors & covariance

Presample missing value lagged residuals set to zero.

Variable

Coefficient

Std. Error

t-Statistic

Prob.

D(LPRICONS(−1))

−0.077570

0.223557

−0.346980

0.7316

D(LNDI)

0.000487

0.155559

0.003129

0.9975

D(LGOVEXP)

0.007892

0.082330

0.095858

0.9244

INFL

−0.000146

0.003120

−0.046821

0.9630

D(DR)

0.000157

0.002805

0.055900

0.9559

D(DR(−1))

0.000417

0.003386

0.123290

0.9029

RESID(−1)

0.141808

0.290949

0.487398

0.6304

RESID(−2)

−0.105025

0.188407

−0.557437

0.5824

R-squared

0.018937

Mean dependent var

0.000329

Adjusted R-squared

−0.267206

S.D. dependent var

0.025792

S.E. of regression

0.029034

Akaike info criterion

−4.028404

Sum squared resid

0.020231

Schwarz criterion

−3.661970

Log likelihood

72.45446

Hannan-Quinn criter.

−3.906941

Durbin-Watson stat

1.952729