(1.1) | (1.2) | (1.3) | |
---|---|---|---|
Manufacturing | Tradables | Non-tradables | |
Estimated coefficients | |||
Real exchange rate, RER | 0.274 (0.00) | 0.256 (0.00) | − 0.070 (0.04) |
Production growth rate | 0.511 (0.06) | 0.839 (0.00) | 0.762 (0.00) |
Error-correction coefficient, ρ | − 0.286 (0.00) | − 0.219 (0.00) | − 0.851 (0.00) |
Diagnostics | |||
Jarque–Beraa | 0.156 | 0.416 | 0.891 |
Breusch‒Godfrey, n = 2b | 0.729 | 0.260 | 0.189 |
ARCHc | 0.581 | 0.632 | 0.687 |
Ramsey’s RESETd | 0.524 | 0.677 | 0.533 |
Adjusted R-squared | 0.933 | 0.955 | 0.891 |
Bounds tests | |||
t statistic | − 3.83** | − 3.60** | − 5.13*** |
F statistic | 30.79*** | 50.62*** | 18.15*** |