Estimated Open Economy New Keynesian Phillips Curves for the G7

Table 6: T-Tests for Equality of the α⁰s

	M2-M1	M3-M1	M4-M1
USA	0.005 (0.17)	0.009 (0.27)	0.069	(1.65)
CAN	0.070 (0.76)	0.070 (0.89)	0.099	(1.22)
GBR	0.031 (0.96)	0.022 (0.82)	0.022	(0.87)
FRA	0.046 (0.81)	0.017 (0.54)	0.012	(0.30)
DEU	0.011 (0.14)	-0.009 (-0.20)	-0.059	(-1.75)
ITA	0.050 (1.32)	0.041 (1.10)	0.078	(1.59)
JPN	-0.031 (-0.45)	0.037 (0.45)	-0.055	(-0.99)

Note: the above figures are the parameter differences across models
and the numbers in parentheses are t-statistics.

Table 7: T-Tests for Equality of the ω⁰s

	M₂-M₁	M₃-M₁	M₄-M₁
USA	-0.035 (-0.69)	-0.007 (-0.16)	0.053 (0.95)
CAN	0.016 (0.18)	0.017 (0.23)	0.035 (0.49)
GBR	0.004 (0.12)	0.022 (-0.03)	0.0009 (0.03)
FRA	0.005 (0.15)	0.002 (0.05)	0.003 (0.10)
DEU	-0.024 (-0.39)	-0.005 (-0.07)	-0.038 (-0.04)
ITA	0.022 (0.40)	0.036 (0.84)	0.100 (2.34)**
JPN	0.016 (0.24)	0.015 (0.25)	-0.012 (-0.24)

Note: the above figures are the parameter differences across models and
the numbers in parentheses are t-statistics.

Table 8: Wald Tests for ρ

	P = ¹	ρ = 0.33
USA	3.15	28.3*
CAN	0.005	0.26
GBR	2.73	0.42
FRA	0.34	0.70
DEU	0.54	0.46
ITA	0.37	5.27**
JPN	3.54	1.48

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.

24

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