Model 1

Model 2

Model 3

Model 4

Model 5

C

2.22***

(65.33)

1.96***

(44.15)

1.96***

(71.12)

1.73***

(23.51)

1.96***

(24.29)

Inflation

−0.01***

(−2.64)

0.01

(0.93)

0.01

(1.40)

0.01*

(0.65)

0.01

(1.21)

Output

3.63***

(11.68)

1.87***

(5.78)

0.39***

(1.73)

0.20***

(3.17)

1.90

(3.98)

S (−1)

0.02

(0.11)

0.01

(0.22)

0.01

(0.08)

0.01

(1.35)

S (−2)

0.02

(0.31)

AdjR

0.64

0.40

0.02

0.40

0.03

F

69.82

12.00

0.72

12.00

Dw

0.11

0.15

0.10

0.15