Table 3: Estimates of β(L) for the Constant Model
Deviation Variable |
lag |
Output gap |
Equation Inflation |
Long rate | |||
coef |
S.E. |
coef |
S.E. |
coef |
S.E. | ||
Output gap |
1.04 |
0.08 |
0.03 |
0.09 |
0.09 |
0.05 | |
2 |
0.01 |
0.11 |
-0.03 |
0.12 |
-0.03 |
0.07 | |
3 |
-0.12 |
0.11 |
-0.04 |
0.12 |
-0.03 |
0.06 | |
4 |
-0.01 |
0.08 |
0.12 |
0.09 |
-0.04 |
0.05 | |
Inflation |
1 |
-0.08 |
0.07 |
0.78 |
0.08 |
-0.04 |
0.04 |
2 |
-0.03 |
0.09 |
-0.04 |
0.10 |
0.07 |
0.06 | |
3 |
0.05 |
0.09 |
0.11 |
0.11 |
0.07 |
0.06 | |
4 |
0.06 |
0.07 |
0.09 |
0.08 |
-0.01 |
0.04 | |
Funds rate |
1 |
0.08 |
0.08 |
0.19 |
0.09 |
0.03 |
0.05 |
2 |
-0.35 |
0.10 |
-0.12 |
0.11 |
-0.00 |
0.06 | |
3 |
0.21 |
0.10 |
0.05 |
0.11 |
0.10 |
0.06 | |
4 |
-0.08 |
0.07 |
-0.09 |
0.08 |
-0.02 |
0.04 | |
Long Rate |
1 |
-0.00 |
0.15 |
-0.24 |
0.16 |
0.96 |
0.09 |
2 |
-0.04 |
0.20 |
0.28 |
0.23 |
-0.09 |
0.12 | |
3 |
0.22 |
0.21 |
-0.13 |
0.24 |
-0.07 |
0.13 | |
4 |
-0.13 |
0.14 |
0.09 |
0.16 |
-0.02 |
0.08 |
35
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