In Search of Leading Indicator Property of Yield Spread for India: An Approach Based on Quantile and Wavelet Regression

Table 4

Estimation results of output growth prediction using yield spread at different time scales.

Months	Coefficient
= 2		−0.02 (0.25)	0.20 (0.18)	0.35 (0.21	0.59 (0.52)	−0.11 (0.24)
		−0.00	0.00	0.02	0.03	−0.00
= 4		−0.12 (0.30)	−0.03 (0.19)	0.83 (0.24	1.71 (0.51	−0.15 (0.23)
		−0.00	−0.00	0.19	0.26	0.00
= 6		−0.14 (0.23)	0.04 (0.11)	0.86 (0.26	2.22 (0.47	−0.21 (0.22)
		0.00	−0.00	0.21	0.46	0.00
= 8		−0.06 (0.18)	0.04 (0.15)	0.52 (0.22	1.99 (0.42	−0.29 (0.21)
		−0.00	−0.00	0.08	0.38	0.02

Standard errors are in parentheses. , , and denote significance at 1%, 5%, and 10%, respectively. refers to the coefficient of determination.