Table 5: Long-run estimates for output in four PICs. | ||||||||||||||||||||||||||||||||||||||||

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Notes: Values in bracket [ ] are probability value of the test statistics. Values in parentheses ( ) are value of the test statistics. JB is Jarque-Bera test, null hypothesis: normal residuals; AR(1) is Breusch-Godfrey serial correlation LM test with lag 1, null hypothesis: no autocorrelation. *, **, and ***indicate significance at the 10, 5, and 1 percent levels, respectively. |