年份

$\Delta \ln T$

$\Delta \ln U$

$\Delta \ln y\ast \Delta \ln T$

$\Delta \ln y\ast \Delta \ln U$

观测值

Hansen test

P值

F-statistic

1989~2012

1.8679^**

(3.00)

−1.7473^***

(−3.96)

1.0297^***

(3.42)

−0.7618^***

(−3.58)

391

0.4069

131.72

1989~1996

1.7563^*

(1.80)

−1.9900^***

(−3.36)

1.0280^*

(1.74)

−0.8639^**

(−2.64)

119

0.4308

77.30

1997~2004

2.6866^***

(3.66)

−0.7543

(−1.34)

1.1067^***

(3.47)

−0.1910

(−0.80)

136

0.2395

161.62

2005~2015

2.5371^***

(15.46)

0.2931

(1.50)

1.3067^***

(23.65)

0.1174

(1.36)

136

0.8271

174.00