Table 2: T-tests Equality of the α0s
|
M2-M1 |
M3-M1 |
M4-M1 | |
|
USA |
0.0003 (0.008) |
0.010 (0.27) |
0.091 (1.89) |
|
CAN |
0.063 (0.64) |
0.073 (0.78) |
0.111 (1.16) |
|
GBR |
0.046 (1.21) |
0.032 (1.07) |
0.035 (1.27) |
|
FRA |
0.060 (0.86) |
0.024 (0.60) |
0.017 (0.36) |
|
DEU |
-0.004 (-0.04) |
-0.039 (-0.76) |
-0.090 (-2.29)** |
|
ITA |
0.052 (1.18) |
0.044 (1.00) |
0.098 (1.70) |
|
JPN |
-0.039 (-0.49) |
0.032 (0.36) |
-0.069 (-1.11) |
Note: the above figures are the parameter differences across models and
the numbers in parentheses are t-statistics.
Table 3: T-Tests for Equality of the ω0s
|
M1 vM2 |
M1 vM3 |
M1 vM4 | |
|
USA |
-0.034 (-0.77) |
-0.003 (-0.06) |
0.063 (1.25) |
|
CAN |
0.014 (0.17) |
0.020 (0.29) |
0.042 (0.63) |
|
GBR |
0.008 (0.26) |
0.002 (0.09) |
0.005 (0.16) |
|
FRA |
0.007 (0.21) |
0.003 (0.09) |
0.004 (0.14) |
|
DEU |
-0.026 (-0.44) |
-0.018 (-0.31) |
-0.048 (-0.96) |
|
ITA |
0.023 (0.43) |
0.037 (0.86) |
0.108 (2.37)* |
|
JPN |
0.010 (0.17) |
0.013 (0.24) |
-0.019 (-0.43) |
Note: the above figures are the parameter differences across models
and the numbers in parentheses are t-statistics.
Table 4: Wald Tests for ρ
|
P = 1 |
ρ = 0.33 | |
|
USA |
4.48** |
34.1* |
|
CAN |
0.04 |
0.66 |
|
GBR |
2.51 |
0.34 |
|
FRA |
0.37 |
0.75 |
|
DEU |
0.89 |
0.75 |
|
ITA |
0.49 |
6.11** |
|
JPN |
2.99 |
1.21 |
Note: the ab ove tests are distributed
χ2 (1). The critical values at the 1
and 5% levels are 6.63 and 3.84
respectively.
As a check on the robustness of our results, Tables 5-8 (see Appendix III)
reports the same statistics as Tables 1-4 but for a much higher mark-up of 40%.
Raising this mark-up tends to increase the estimates of nominal inertia implied
by the α parameter. However, again these results are not materially affected by
introducing the open economy effects outlined in this paper. Finally, we also
imposed constant ratios of imported intermediate goods to GDP rather than
16
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