Coefficient

p-value

z-statistics

Standard errors

Threshold: 5/10/2017

Regime 1

gold_pr

constant

−0.51

0.017

0.00***

0.00***

−1.28

5.92

0.40

0.003

Regime 2

gold_pr

constant

+0.265

0.018

0.02***

0.07**

2.18

1.78

0.12

0.001

Chow test for parameter stability

F(3, 3056) = 5.05 with prob. > F = 0.0017