Skip to main content

Advertisement

Table 3 Estimation results for the error correction term coefficient: models with time period dummies

From: Purchasing power parity in Mexico since 1933

ECM No IVa IV14 IV15 IV16 IV17 IV18 IV19 IV20 IV21 IV22 IV23 IV24
ZMEX1 −0.0630 −0.1611 −0.1361 −0.1095 −0.1095 −0.0964 −0.0880 −0.0958 −0.0962 −0.0937 −0.0952 0.0854
−6.123 −2.217 −2.559 −2.471 −2.834 −2.842 −2.847 −3.286 −3.449 −3.510 −3.708 −3.441
ZMEX2 −0.0633 −0.1604 −0.1354 −0.1088 −0.1086 −0.0954 −0.0870 −0.0948 −0.0953 −0.0929 −0.0947 0.0849
−6.145 −2.197 −2.537 −2.447 −2.803 −2.803 −2.806 −3.247 −3.408 −3.472 −3.673 −3.406
ZMEX3 −0.0678 −0.2046 −0.1671 −0.1328 −0.1278 −0.1090 −0.1003 −0.1075 −0.1064 −0.1039 −0.1058 0.0954
−5.847 −2.279 −2.736 −2.692 −3.011 −2.959 −3.005 −3.434 −3.562 −3.649 −3.874 −3.623
  1. aCritical values are affected by the presence of time period dummies hence are unknown. Normal distribution significant values are −1.645 at the 5% level and −2.327 at the 1% level for the IV estimations