However, we check the robustness of our results first: (i) by choosing different lags of crisis dummy and autoregressive lags in the ARDL
model (Figure 6); (ii) by estimating local projections IRFs for both CRISIS and CRISISR (Figure 7).
models for the Granger causality test in this study can be expressed as follows:
Unlike its predecessors, the ARDL
approach does not require unit-root testing.
Ozturk and Acaravci (2010) examined the long run and short run causal relationship between economic growth, carbon emissions, energy consumption and employment ratio in Turkey using ARDL
bounds testing approach to cointegration over the period of 1968-2005.
bounds test for cointegration F-stats Long run coefficient SP IR Malaysia all 1.
In case of Sri Lanka, this is the first attempt to study the impact of FL in money demand using the time series analysis based on ARDL
approach to cointegration with bound test method taking consideration of structural breaks.
At the second step, once cointegration is determined, one estimates an equilibrium correction form of the ARDL
model, including the lagged residual from the cointegration equation instead of lagged level variables.
The present study employs the alternative ARDL
bounds testing methodology in the case of India.
Reiehel's second major criticism was that Niskanen's ARDL
was misspecified because inflation and unemployment are non-stationary or first-order-integrated (I(1)) series.
The main advantage of using ARDL
approach is that it can be applied irrespective of the order of integration of the variables.
The second stage of the procedure is to derive the long-run estimates using the underlying ARDL
237 Aramark 169 Arc Machines Incorporated 218 ARDL
- Akron Rubber Development Lab 359 ASD Inc.