Dependent variable: log of private consumption

Model 1

Model 2

CCEMG

MG

CCEMG

MG

G

−0.096** (−1.87)

−0.110*(−2.13)

−0.123* (−2.73)

−0.125* (−2.49)

GDP

0.942* (11.74)

1.123* (19.2)

0.733* (7.91)

0.782* (9.20)

Intercept

0.030 (0.04)

−0.787 (−0.87)

0.503 (0.43)

1.695* (3.15)

RMSE

0.060

0.083

0.061

0.083

CD test

−1.024 [0.305]

3.390* [0.001]

−1.213 [0.225]

3.36* [0.001]

IPS

−12.492* [0.000]

−7.220* [0.000]

−12.227* [0.000]

−7.585* [0.000]

CADF

−5.300* [0.000]

−3.583* [0.000]

−6.168* [0.000]

−3.392* [0.000]