Variable

Coefficient

Std.Error

z

Prob.

ce1 (t − 1)

−0.3553271

0.1984905

−1.79

0.073

ce2 (t − 1)

0.026678

0.0134863

1.98

0.048

lnsz_sa (t − 1)

0.673184

0.2441683

2.76

0.006

lnsz_sa (t − 2)

0.5524485

0.2060634

2.68

0.007

lnnr_sa (t − 1)

−0.185988

0.2661638

−0.70

0.485

lnnr_sa (t − 2)

0.0651294

0.2165753

0.30

0.764

lnym_sa (t − 1)

−0.1768868

0.1537753

−1.15

0.250

lnym_sa (t − 2)

0.0376961

0.1582004

0.24

0.812

lnzr_sa (t − 1)

−0.8223765

0.2791407

−2.95

0.003

lnzr_sa (t − 2)

−0.5840158

0.2496589

−2.34

0.019

lnzz_sa (t − 1)

0.3649856

0.1414269

2.58

0.010

lnzz_sa (t − 2)

−0.0459849

0.1236373

−0.37

0.710

cons

−0.0007779

0.0029862

−0.26

0.794