Variable

Coefficient

t-Statistic

Prob.

DLOG (GSMEP (−1))

0.582145

2.296823

0.0364

DLOG (GSMEP (−2))

0.68182

3.014504

0.0087

DLOG (GSMEP (−3))

0.46591

2.631192

0.0189

DLOG (TAXES)

0.415685

0.423479

0.678

DLOG (TAXES (−1))

−2.76467

−2.59464

0.0203

DLOG (TAXES (−2))

−1.32246

−1.42956

0.1733

DLOG (TAXES (−3))

−2.56606

−2.64515

0.0184

DLOG (GOVEX)

−0.70951

−0.57826

0.5717

DLOG (GOVEX (−1))

2.609956

1.952254

0.0698

ECT (−1)*

−0.5496

−5.02517

0.0002

R-squared

0.747435

Adjusted R-squared

0.621152

Durbin-Watson stat

2.449642