Relationships among Energy Price Shocks, Stock Market, and the Macroeconomy: Evidence from China

Table 5

Generalized variance decomposition of STOCK.

Periods	S.E.	dIP	OIL	𝑅	STOCK	Periods	S.E.	dIP	OIL	𝑅	STOCK
1	0.029264	0.395151	0.141588	5.030712	94.43255	11	0.043981	0.342164	2.011849	3.523414	94.12257
2	0.040527	0.430799	0.470383	8.225033	90.87379	12	0.044001	0.318452	2.603733	3.671406	93.40641
3	0.041955	0.289069	1.067355	8.672081	89.97149	13	0.044018	0.29907	3.283352	3.936467	92.48111
4	0.043575	0.848855	1.11992	7.35657	90.67465	14	0.044035	0.283251	4.046391	4.29525	91.37511
5	0.043702	0.688591	0.943073	6.128618	92.23972	15	0.044049	0.270742	4.875873	4.736972	90.11641
6	0.043732	0.573093	0.803602	5.102978	93.52033	16	0.044062	0.26073	5.760365	5.249124	88.72978
7	0.043834	0.502843	0.839256	4.414149	94.24375	17	0.044074	0.253142	6.685862	5.814719	87.24628
8	0.043892	0.446533	0.952725	3.926427	94.67431	18	0.044085	0.247541	7.636951	6.422031	85.69348
9	0.043942	0.407653	1.182682	3.620365	94.7893	19	0.044096	0.243609	8.599254	7.054811	84.10233
10	0.043956	0.371269	1.533481	3.489268	94.60598	20	0.044105	0.241156	9.556565	7.699988	82.50229

Cholesky ordering: dIP, OIL, 𝑅, and STOCK.