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Table 6 Coefficients’ estimations of a VAR (3) model between the \( {D}_t^{\mathrm{ln}} \) and Ot for boom phases. Top: model for \( {D}_t^{\mathrm{ln}} \). Bottom: model for Ot. 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

\( {D}_{t-1}^{\mathrm{ln}} \)

1.215

0.000

\( {D}_{t-2}^{\mathrm{ln}} \)

− 0.142

0.422

\( {D}_{t-3}^{\mathrm{ln}} \)

− 0.076

0.496

Ot − 1

− 0.005

0.702

Ot − 2

0.043

0.014

Ot − 3

− 0.033

0.009

 Const

0.015

0.726

Ot=

Coefficient

p value

\( {D}_{t-1}^{\mathrm{ln}} \)

− 0.427

0.701

\( {D}_{t-2}^{\mathrm{ln}} \)

0.426

0.803

\( {D}_{t-3}^{\mathrm{ln}} \)

− 0.024

0.982

Ot − 1

1.284

0.000

Ot − 2

− 0.631

0.000

Ot − 3

0.367

0.002

 Const

0.103

0.863