Generalized Autoregressive Conditional Heteroskedastic Model to Examine Silver Price Volatility and Its Macroeconomic Determinant in Ethiopia Market

Table 3

Parameter estimates of competing ARMA models with information criteria using MLE.

Model	Parameter	Coefficients	Std. error	t-Statistic	value	Information criteria
						AIC	SBIC
ARMA (1, 1)		0.011834	0.008006	1.478138	0.1410	−1.51618	−1.46051
		−0.893660	0.170867	−5.230149	0.0000
		0.863399	0.194319	4.443214	0.0000
ARMA (0, 3)		0.011818	0.009060	1.304482	0.1937	−1.52967	−1.46108
		−0.010978	0.072843	−0.150702	0.8804
		0.187898	0.071573	2.625254	0.0094
		−0.049687	0.072936	−0.681248	0.4966
ARMA (1, 3)		0.007302	0.003281	2.225434	0.0273	−1.54625	−1.46111
		0.949876	0.029223	32.50395	0.0000
		−0.969116	0.076887	−12.60441	0.0000
		0.158534	0.099622	1.591355	0.1132
		−0.186329	0.072526	−2.569123	0.0110