Confederation debt management since 1970

Swiss Journal of Economics and Statistics

Table 6 Short-run effects on M^out,b, quarterly frequency

This table reports regressions with ΔMout,b as dependent variable. The dataset contains quarterly observations. Columns 1 and 5 display the baseline regression for the period from 1970 to 2016 and the sub-period from 1992 to 2016. The other columns display specific robustness checks. The dataset contains quarterlyobservations. For columns 1 and 2, the observation period ranges from 1970 to 2016, for column 3 from 1970 to 1991 and for columns 4 to 7 from 1992 to 2016.***, **, and * denote statistical significance (two-tailed) at the 1%, 5%, and 10% significance level respectively. Standard errors are reported in parentheses. Forcolumns 1, 2, 3, 5, and 6, heteroscedasticity-consistent (Huber-White) standard errors are used. For columns 4 and 7 Newey-West standard errors are used due to serial correlation. To test for serial correlation of the error term we performed the Box-Ljung test with a lag of 15 and we report its p value