4 Parsimonious correction model (PVECM) prices)t prices)t supply)t Δ(Coal Δ(Industrial Δ(Money -0.063** 0.041** 0.026 EC1 (2.97) (2.14) (1.40) 0.255** -0.103* -0.012 EC2 (4.35) (-1.88) (-0.22) -0.294** 0.138** prices)t-2 Δ(Coal (4.25) (1.85) -0.149** prices)t-3 Δ(Coal (2.26) 0.199** prices)t-4 Δ(Coal (2.65) -0.198** 0.116 -0.244** prices)t-5 Δ(Coal (2.38) (1.54) (3.21) 0.111 -0.258** prices)t-6 Δ(Coal (1.61) (3.37) 0.418** Δ(Industrial (4.87) -0.179** Δ(Industrial (2.09) -0.151 0.182* -0.159* Δ(Industrial (1.43) (1.82) (1.66) 0.223** Δ(Industrial (2.40) -0.168* 0.129 0.078 Δ(Industrial (1.88) (1.59) (0.93) 0.303** 0.129* supply)t-1 (3.61) (1.65) -0.137 -0.123 0.269** supply)t-2 (1.45) (1.43) (3.05) -0.224** -0.087 supply)t-3 Δ(Money (2.30) (1.07) 0.259** 0.247** supply)t-4 Δ(Money (2.82) (2.99) 0.326** supply)t-5 Δ(Money (3.72)
4 Parsimonious correction model (PVECM) Δ(Coal prices)t Δ(Industrial prices)t Δ(Money supply)t EC1 -0.063** (2.97) 0.041** (2.14) 0.026 (1.40) EC2 0.255** (4.35) -0.103* (-1.88) -0.012 (-0.22) Δ(Coal prices)t-2 -0.294** (4.25) 0.138** (1.85) Δ(Coal prices)t-3 -0.149** (2.26) Δ(Coal prices)t-4 0.199** (2.65) Δ(Coal prices)t-5 -0.198** (2.38) 0.116 (1.54) -0.244** (3.21) Δ(Coal prices)t-6 0.111 (1.61) -0.258** (3.37) Δ(Industrial 0.418** (4.87) Δ(Industrial -0.179** (2.09) Δ(Industrial -0.151 (1.43) 0.182* (1.82) -0.159* (1.66) Δ(Industrial 0.223** (2.40) Δ(Industrial -0.168* (1.88) 0.129 (1.59) 0.078 (0.93) supply)t-1 0.303** (3.61) 0.129* (1.65) supply)t-2 -0.137 (1.45) -0.123 (1.43) 0.269** (3.05) Δ(Money supply)t-3 -0.224** (2.30) -0.087 (1.07) Δ(Money supply)t-4 0.259** (2.82) 0.247** (2.99) Δ(Money supply)t-5 0.326** (3.72)
1b081e3779dcfd1aa48f44c9d844285b.docx