Equation (3) Dependent variable: $C_{t}$
Coefficient	Estimated value	Standard error	t ratio	p-value
${\hat{α}}_{3, 1}$	0.361828	0.0433683	8.343	5.31e−013***
${\hat{α}}_{3, 2}$	0.00122914	0.0414521	0.02965	0.9764
${\hat{α}}_{3, 3}$	−3.51175e−05	3.59577e−05	−0.9766	0.3312
${\hat{α}}_{3, 4}$	−9.56796e−06	3.81180e−05	−0.2510	0.8023
${\hat{α}}_{3, 5}$	0.00129260	0.000284876	4.537	1.65e−05***
${\hat{α}}_{3, 6}$	3.57584e−05	0.000296702	0.1205	0.9043
${\hat{α}}_{3, 7}$	−0.000849945	0.00248062	−0.3426	0.7326
${\hat{α}}_{3, 8}$	0.000581131	0.00240057	0.2421	0.8092
Equation (4) Dependent variable: $I_{t}$
Coefficient	Estimated value	Standard error	t ratio	p-value
${\hat{α}}_{4, 1}$	0.000131031	2.09448e−05	6.256	1.39e−08***
${\hat{α}}_{4, 2}$	1.27448e−07	7.76841e−08	1.641	0.1045
${\hat{α}}_{4, 3}$	−0.828132	3.03306	−0.2730	0.7855
${\hat{α}}_{4, 4}$	0.976300	1.83140	0.5331	0.5953
${\hat{α}}_{4, 5}$	0.739343	0.458909	1.611	0.1107
${\hat{α}}_{4, 6}$	0.290224	0.484659	0.5988	0.5508
${\hat{α}}_{4, 7}$	0.463779	1.64462	0.2820	0.7786
${\hat{α}}_{4, 8}$	0.946332	1.48973	0.6352	0.5269
${\hat{α}}_{4, 9}$	−1.06582	2.29461	−0.4645	0.6434
${\hat{α}}_{4, 10}$	−2.63836	2.42498	−1.088	0.2796
${\hat{α}}_{4, 11}$	2.60060e−07	−2.029	−2.029	0.0454**
${\hat{α}}_{4, 12}$	−1.42536e−07	1.38500e−07	−1.029	0.3062
${\hat{α}}_{4, 13}$	−2.12833e−06	1.15831e−06	−1.837	0.0695*
Equation (5) Dependent variable: $π_{t}^{e}$
Coefficient	Estimated value	Standard error	t ratio	p-value
${\hat{α}}_{5, 1}$	−0.00460043	0.00136967	−3.359	0.0012***
${\hat{α}}_{5, 2}$	−0.00274595	0.00156117	−1.759	0.0822*
${\hat{α}}_{5, 3}$	3.81756e−010	1.27175e−010	3.002	0.0035***
${\hat{α}}_{5, 4}$	1.79915e−09	5.30903e−010	3.389	0.0011***
${\hat{α}}_{5, 5}$	0.0104874	0.0212498	0.4935	0.6229
${\hat{α}}_{5, 6}$	0.0272104	0.00329157	8.267	1.53e−012***
${\hat{α}}_{5, 7}$	−0.00509965	0.0110350	−0.4621	0.6452