LOG(M) = 1.39999580363 * LOG(M(−1)) − 0.324846615845 * LOG(M(−2)) − 0.18190027768 * LOG(YD) + 0.0324272337436 * LOG(YD(−1)) − 0.00569744857525 * LOG(YD(−2)) − 0.0076016998432 * RER + 0.000218229060879 * MLR + 0.000281155770049 * MLR(−1) − 0.000541758175011 * LOG(RES) + 0.116489919066 * LOG(RES(−1)) − 0.0647384706743 * LOG(RES(−2)) − 0.060915329265 * LOG(RES(−3)) + 0.544094953689

@INNOV M 0.4610127424