Exchange Rates and Monetary Fundamentals: What Do We Learn from Linear and Nonlinear Regressions?

Table 5

Some commonly imposed monetary restrictions for the monetary model and tests of some popular monetary restrictions.

	Japanese yen	Euro
	5.899603 [0.0151447]	9.656485 [0.001887]
	5.582769 [0.0181229]	5.511429 [0.021989]
	8.649896 [0.003271]	5.566310 [0.018309]
	7.314196 [0.025807]	21.39208 [0.000023]
	12.6985 [0.0017483]	10.00446 [0.006723]
	8.698469 [0.012917]	6.106066 [0.047215]
	13.19954 [0.004224]	21.54746 [0.000081]

Notes: the left column of the table summarises commonly imposed restrictions on the specification of monetary model given as ; the right columns under Japan and Euro represent the hypotheses summarized in the left column of the table; the numbers not in parenthesis are test statistics; the numbers in the square brackets are marginal significance levels.