VARIABLES

(1)

(2)

(3)

(4)

(5)

D_lnPrice

D_lnM1

D_Inflation

D_nominalGrowth

D_SearchIndex

L._ce1

−0.00960*

0.000449

0.0334

−0.225

5.581***

(0.00568)

(0.00178)

(0.0249)

(0.196)

(0.529)

LD.lnPrice

0.219***

0.0111

0.219

−0.926

−3.031

(0.0771)

(0.0242)

(0.338)

(2.664)

(7.175)

LD.lnM1

−0.556**

0.0296

2.251**

5.003

9.895

(0.255)

(0.0801)

(1.120)

(8.818)

(23.75)

LD.Inflation

0.0105

−0.00704

0.341***

0.131

−1.086

(0.0169)

(0.00531)

(0.0743)

(0.585)

(1.575)

LD.nominalGrowth

0.00218

0.000317

0.00184

−0.346***

−0.0410

(0.00219)

(0.000688)

(0.00962)

(0.0757)

(0.204)

LD.SearchIndex

−0.00112

1.14e−05

0.00408

−0.0317

0.173**

(0.000832)

(0.000261)

(0.00365)

(0.0288)

(0.0775)

Constant

0.00807

0.0194***

−0.0670

−0.228

−0.00877

(0.0116)

(0.00365)

(0.0510)

(0.401)

(1.081)

Observations

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