Tests

MODEL (1)

MODEL (2)

MODEL (3)

ARDL (1 1 1 1 2)

ARDL (1 1 1 1 2 2 2)

ARDL (1 1 1 1 2 2 2 1)

A. Serial Correlation

Chi² (1)

9.488 (0.002)

Chi² (1)

5.612 (0.018)

Chi² (1)

6.822 (0.090)

B. ARCH

Chi² (1)

0.844 (0.358)

Chi² (1)

0182 (0.670)

Chi² (1)

0.318 (0.573)

C. Heteroscedasticity

Chi² (1)

2.76 (0.097)

Chi² (1)

4.13 (0.420)

Chi² (1)

5.29 (0.061)

D. Functional Form

F(3, 19)

2.09 (0.135)

F(3, 12)

2.00 (0.168)

F(3, 10)

1.26 (0.343)