CNFS Equation

EPU Equation

VAR System

Statistics

Bootstrap

p-value

Statistics

Bootstrap

p-value

Statistics

Bootstrap

p-value

Sup-F

57.176***

0.000

38.199***

0.000

64.355***

0.000

Mean-F

28.193***

0.000

24.498***

0.000

48.931***

0.000

Exp-F

25.088***

0.000

16.010***

0.000

29.704***

0.000

L b c

7.335***

0.005