Table 7
Encompassing tests, Germany
West Germany, 1985:1 - 1998:4
h______ |
_____________x = GDP_____________ |
x = unemployment rate | ||||||||
sMed |
saif |
sMom |
sWMed |
st 2° |
sM |
sa,r |
s Mom |
sWMed |
st 20 | |
1 DM |
1.38* |
1.45* |
1.06 |
1.51* |
1.34* |
1.30* |
1.29* |
1.08 |
1.34* |
1.27 |
MDM |
1.36* |
1.42* |
1.04 |
1.48* |
1.32* |
1.28 |
1.27 |
1.06 |
1.32* |
1.25 |
2 DM |
1.78** |
1.92** |
1.17 |
2.08** |
2.00** |
1.34* |
1.51* |
1.08 |
1.59* |
1.53* |
MDM |
1.68* |
1.81** |
1.10 |
1.96** |
1.89** |
1.27 |
1.43* |
1.02 |
1.50* |
1.44* |
3 DM |
2.86*** |
3.29*** |
2.43*** |
3.60*** |
3.12*** |
2.23** |
2.72*** |
2.68*** |
3.17*** |
2.68*** |
MDM |
2.58*** |
2.97*** |
2.20** |
3.25*** |
2.82*** |
2.02** |
2.46** |
2.42** |
2.86*** |
2.42** |
4 DM |
2.03** |
2.20** |
1.18 |
2.43*** |
2.10** |
1.47* |
1.67** |
1.44* |
1.76** |
1.65** |
MDM |
1.75** |
1.89** |
1.01 |
2.09** |
1.81** |
1.26 |
1.44* |
1.24 |
1.51* |
1.42* |
Germany, 1993:1 - 1998:4
x = |
GDP______________ |
x = unemployment rate | |||||||||
h |
Med |
Diff |
Mom |
WMed |
tt20 |
Med |
Diff |
Mom |
WMed |
tt20 | |
s |
s ff |
s |
s |
s |
s |
s f |
s |
s |
s | ||
1 |
DM |
2.77*** |
1.90** |
-0.20 |
0.95 |
2.01** |
1.18 |
0.00 |
-0.73 |
-0.01 |
1.18 |
MDM |
2.73*** |
1.87** |
-0.20 |
0.94 |
1.98** |
1.16 |
0.00 |
-0.72 |
-0.01 |
1.16 | |
2 |
DM |
2.73*** |
2.35*** |
0.16 |
1.26 |
2.41*** |
2.15** |
1.37* |
0.00 |
-0.85 |
1.63* |
MDM |
2.61*** |
2.25** |
0.15 |
1.21 |
2.31** |
2.06** |
1.31* |
0.00 |
-0.81 |
1.56* | |
3 |
DM |
2.07** |
1.77** |
0.18 |
1.03 |
2.01** |
1.47* |
0.52 |
0.66 |
0.09 |
1.29 |
MDM |
1.92** |
1.64** |
0.17 |
0.95 |
1.86** |
1.36* |
0.48 |
0.61 |
0.08 |
1.19 | |
4 |
DM |
2.05** |
1.43* |
-0.08 |
0.86 |
2.22** |
1.32* |
1.05 |
-0.13 |
0.07 |
1.37* |
MDM |
1.83** |
1.28 |
-0.07 |
0.77 |
1.98** |
1.18 |
0.94 |
-0.12 |
0.06 |
1.22 |
Notes: The lag length is set to minimize the Schwarz-information criteria. (M)DM indicates the (modified)
Diebold-Mariano test statistic. *** (**) (*) denotes significance at the 0.99 (0.95) (0.90) level.