Real GDP

\(\underset {\left [0.06\right ]}{\!\:1.29^{***}}\)
 
\(\underset {\left [0.11\right ]}{0.33^{***}}\)
 
\(\underset {\left [0.06\right ]}{0.27^{***}}\)

Gov. bond yield

\(\underset {\left [0.02\right ]}{\thinspace 0.05^{**}}\)
 
\(\underset {\left [0.04\right ]}{0.02}\)
 
\(\underset {\left [0.02\right ]}{\thinspace 0.03^{*}}\)

Exchange rate

\(\underset {\left [0.18\right ]}{\thinspace 0.65^{***}}\)
 
\(\underset {\left [0.34\right ]}{\thinspace 0.15}\)
 
\(\underset {\left [0.18\right ]}{0.20}\)

Real debit card paym.

\(\underset {\left [0.01\right ]}{\thinspace 0.04^{***}}\)
 
\(\underset {\left [0.01\right ]}{\thinspace 0.03^{***}}\)
 
\(\underset {\left [0.01\right ]}{\thinspace 0.02^{***}}\)

No. of checks

\(\underset {\left [0.00\right ]}{\thinspace 0.01^{**}}\)
 
\(\underset {\left [0.01\right ]}{\thinspace 0.03^{***}}\)
 
\(\underset {\left [0.00\right ]}{\thinspace 0.02^{***}}\)

Adj. R^{2}

0.99
 
0.82
 
0.87

PhillipsOuliaris τtest

− 4.86^{∗}
 
− 2.40
 
− 3.21

Hansen test

0.03
 
0.02
 
0.02
