Swiss Journal of Economics and Statistics

Table 3 Coefficients’ estimations of a VAR (2) model between the \( {D}_t^{\mathrm{ln}} \) and \( {G}_t^{\mathrm{ln}} \) for boom phases. Top: model for \( {D}_t^{\mathrm{ln}} \). Bottom: model for \( {G}_t^{\mathrm{ln}} \). Italics: significant results with 5% level

From: Debt, economic growth, and interest rates: an empirical study of the Swiss case, presenting a new long-term dataset: 1894–2014

\( {D}_t^{\mathrm{ln}} \)=	Coefficient	p value
\( {D}_{t-1}^{ln} \)	1.366	0.000
\( {D}_{t-2}^{ln} \)	− 0.377	0.000
\( {G}_{t-1}^{ln} \)	− 0.586	0.000
\( {\mathrm{G}}_{\mathrm{t}-2}^{\mathrm{ln}} \)	0.590	0.000
Const	0.072	0.027
\( {G}_t^{\mathrm{ln}} \)=	Coefficient	p value
\( {D}_{t-1}^{\mathrm{ln}} \)	0.176	0.056
\( {D}_{t-2}^{\mathrm{ln}} \)	− 0.142	0.128
\( {G}_{t-1}^{ln} \)	0.887	0.000
\( {G}_{t-2}^{\mathrm{ln}} \)	0.077	0.413
Const	0.090	0.011

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