Table Granger 1: Granger 2: Dependent variable: DLCMDTY VAR Granger Causality/Block Exogeneity Wald Tests Excluded Chi-sq df Prob. Sample: 1999Q1 2009Q2 Included observations: 41 0.568317 1 0.4509 Dependent variable: DLDEFL 0.581734 1 0.4456 Excluded Chi-sq df Prob. ECBRATE 4.873824 1 0.0273 DLDEFL 3.089083 1 0.0788 All 4.925909 3 0.1773 DLCMDTY 2.655725 1 0.1032 ECBRATE 3.881121 1 0.0488 Dependent variable: ECBRATE All 10.80447 3 0.0128 Excluded Chi-sq df Prob. Dependent variable: DLDEFL Excluded Chi-sq df Prob. DLGDP 6.576587 1 0.0103 6.084005 1 0.0136 DLDEFL 2.424562 1 0.1194 DLCMDTY 0.175480 1 0.6753 DLCMDTY 1.534459 1 0.2154 ECBRATE 7.623185 1 0.0058 All 30.13719 3 0.0000 All 21.84628 3 0.0001 Vector Autoregression Estimates
Table Granger 1: Granger 2: VAR Granger Causality/Block Exogeneity Wald Tests Sample: 1999Q1 2009Q2 Included observations: 41 Dependent variable: Excluded Chi-sq df Prob. DLDEFL 3.089083 1 0.0788 DLCMDTY 2.655725 1 0.1032 ECBRATE 3.881121 1 0.0488 All 10.80447 3 0.0128 Dependent variable: DLDEFL Excluded Chi-sq df Prob. 6.084005 1 0.0136 DLCMDTY 0.175480 1 0.6753 ECBRATE 7.623185 1 0.0058 All 21.84628 3 0.0001 Dependent variable: DLCMDTY Excluded Chi-sq df Prob. 0.568317 1 0.4509 DLDEFL 0.581734 1 0.4456 ECBRATE 4.873824 1 0.0273 All 4.925909 3 0.1773 Dependent variable: ECBRATE Excluded Chi-sq df Prob. DLGDP 6.576587 1 0.0103 DLDEFL 2.424562 1 0.1194 DLCMDTY 1.534459 1 0.2154 All 30.13719 3 0.0000 Vector Autoregression Estimates
The_monetary_policy_and_its_effects_on_economy_-_an_European_view.docx