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| CNFS Equation | EPU Equation | VAR System | |||
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| 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 |
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| 7.335*** | 0.005 |