Swiss Journal of Economics and Statistics

Table 4 Coefficients’ estimations of a VAR (2) model between the \( {D}_t^{\mathrm{ln}} \) and \( {G}_t^{\mathrm{ln}} \) for recession 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
\( {D}_{t-1}^{ln} \)	1.515	0.000
\( {D}_{t-2}^{ln} \)	− 0.539	0.003
\( {G}_{t-1}^{\mathrm{ln}} \)	− 0.001	0.997
\( {G}_{t-2}^{\mathrm{ln}} \)	0.019	0.923
Const	0.051	0.505
\( {G}_t^{\mathrm{ln}} \)=	Coefficient	p value
\( {D}_{t-1}^{\mathrm{ln}} \)	0.099	0.542
\( {D}_{t-2}^{\mathrm{ln}} \)	0.520	0.759
\( {G}_{t-1}^{ln} \)	0.513	0.007
\( {G}_{t-2}^{ln} \)	0.444	0.020
Const	− 0.083	0.254

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