| VARIABLES | (1) | (2) | (3) | (4) | (5) | (6) |
| lnPrice | ARCH | LnPrice | ARCH | lnPrice | ARCH | |
| lnM1 | −0.412*** |
| −0.412*** |
| −0.412*** |
|
|
| (0.0704) |
| (0.0704) |
| (0.0704) |
|
| Inflation | 0.0615*** |
| 0.0615*** |
| 0.0615*** |
|
|
| (0.0119) |
| (0.0119) |
| (0.0119) |
|
| nominalGrowth | −0.00837 |
| −0.00837 |
| −0.00837 |
|
|
| (0.00688) |
| (0.00688) |
| (0.00688) |
|
| SearchIndex | 0.00613* |
| 0.00613* |
| 0.00613* |
|
|
| (0.00363) |
| (0.00363) |
| (0.00363) |
|
| L.arch |
| 1.96e−08 |
|
|
|
|
|
|
| (0) |
|
|
|
|
| L.abarch |
|
|
| 4.36e−09 |
|
|
|
|
|
|
| (0) |
|
|
| L.atarch |
|
|
| 4.36e−09 |
|
|
|
|
|
|
| (0) |
|
|
| L.narch |
|
|
|
|
| 0.0312 |
|
|
|
|
|
|
| (0) |
| L.narch_k |
|
|
|
|
| 0.0998 |
|
|
|
|
|
|
| (0) |
| Constant | 10.98*** | 0.227*** | 10.98*** | 0.476*** | 10.98*** | 0.225*** |
|
| (0.781) | (0.0374) | (0.781) | (0.0392) | (0.781) | (0.0374) |
| Observations | 165 | 165 | 165 | 165 | 165 | 165 |