Variable

Total (3,1,3,0)

HS06 (2,3,2,0)

HS07 (2,0,2,0)

HS08 (2,0,0,0)

HS09 (2,0,0,0)

HS10 (3,1,3,0)

HS11 (1,0,0,1)

HS13 (1,0,0,0)

HS15 (2,2,2,0)

HS16 (2,0,0,0)

∆e_t

−0.163^*** (−1.020)

0.150 (0.818)

−0.376^*** (−5.908)

−0.180^** (−2.221)

−0.2362^** (−2.277)

0.331 (1.430)

−0.278^*** (−5.179)

−0.440^*** (−2.912)

−0.166 (−0.792)

−0.287^*** (−3.434)

∆e_{t − 1}

−0.330 (−1.571)

−0.488^** (−2.063)

∆e_{t − 2}

0.750^*** (3.557)

∆w_t

0.835^** (2.044)

0.478 (1.625)

2.363^*** (3.736)

0.290^** (2.535)

0.108^* (1.625)

2.0628^** (2.334)

1.1096^*** (5.297)

0.427^* (1.897)

0.5499 (0.755)

−0.376 (−1.190)

∆w_{t − 1}

0.703 (−1.589)

0.959^*** (3.202)

3.626^*** (5.293)

1.864^** (2.092)

2.544^*** (3.561)

∆w_{t − 2}

1.314^*** (3.352)

1.499^* (1.703)

∆y_t

0.091^*** (4.060)

0.064^*** (2.649)

0.108^*** (5.570)

0.031 (1.048)

0.085^** (2.336)

0.046 (1.643)

0.037^* (1.924)

0.021 (0.577)

0.062^*** (2.842)

−0.105^*** (−3.384)

ECM (−1)

−0.372^*** (−5.653)

−0.464^*** (−6.069)

−0.347^*** (−8.096)

−0.181^*** (−3.692)

−0.405^*** (−4.758)

−0.233^*** (−6.401)

−0.533^*** (−6.749)

−0.678^*** (−7.451)

−0.266^*** (−4.297)

−0.714^*** (−5.814)

Adjust R²

0.495

0.508

0.551

0.209

0.287

0.457

0.287

0.312

0.391

0.444

F-stat

15.9443 [0.000]

16.739 [0.000]

24.571 [0.000]

7.346 [0.000]

10.680 [0.000]

13.868 [0.000]

13.314 [0.000]

13.948 [0.000]

12.282 [0.000]

20.150 [0.000]

DW

2.098

2.016

1.883

2.041

2.034

1.954

2.004

2.079

2.023

1.993

CUSUM

Stationary

Stationary

Stationary

Stationary

Stationary

Stationary

Stationary

Stationary

Not very stationary

Stationary

CUSUMSQ

Stationary

Stationary

Stationary

Stationary

Not very stationary

Stationary

Stationary

Stationary

Not very stationary

Not very stationary