| 变量 | 模型1 | 模型2 | 模型3 | 模型4 | 模型5 | 模型6 |
|---|---|---|---|---|---|---|
| C(2, 2, 0, 0) | CS(1, 2, 3, 1) | CY(1, 1, 2, 1) | C(1, 2, 2, 1) | CI(1, 2, 2, 0) | CY(1, 2, 1, 1) | |
| 长期系数 | ||||||
| TVI | -0.016** | 0.014 | -0.009 | |||
| HI | -0.144 | -12.771** | 8.386 | |||
| AI | 5.595 | -3.193 | 3.783 | |||
| TVE | -0.009*** | -0.002** | -0.005 | |||
| HE | 7.360** | 4.034** | 0.487 | |||
| AE | 7.081*** | 1.517*** | 5.236* | |||
| 短期系数 | ||||||
| ∆TVIt | 0.025*** | -0.011** | 0.022*** | |||
| ∆TVIt-1 | 0.012*** | -0.007 | ||||
| ∆HIt | 11.852*** | -2.356 | ||||
| ∆HIt-1 | 8.415*** | -4.716* | ||||
| ∆HIt-2 | 9.553*** | |||||
| ∆AIt | 3.135** | -2.504* | ||||
| ∆TVEt | 0.006* | 0.002 | 0.009** | |||
| ∆TVEt-1 | 0.018*** | 0.010*** | 0.007 | |||
| ∆HEt | 6.001* | 4.083* | 6.905* | |||
| ∆HEt-1 | -8.855** | -4.439* | ||||
| ∆AEt | -2.215 | -2.700* | ||||
| ∆AEt-1 | ||||||
| ECMt-1 | -0.459** | -0.712** | -0.530** | -0.994*** | -1.279*** | -0.700*** |
| Adj-R2 | 0.724 | 0.860 | 0.877 | 0.767 | 0.797 | 0.762 |
