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Table 6 Long-run estimation results for sub-samples using Brent

From: Business confidence as a strong tracker of future growth: is it driven by economic policy uncertainty and oil price shocks in the OECD countries?

Regressors

Eurozone

Non-Eurozone

 

Symmetry

Asymmetry

Symmetry

Asymmetry

\(oil\)

−0.0107***

(0.0019)

 

−0.0043***

(0.0010)

 

\({oil}^{+}\)

 

−0.0175***

(0.0019)

 

−0.0047***

(0.0011)

\({oil}^{-}\)

 

−0.0212***

(0.0019)

 

−0.0078***

(0.0010)

\(epu\)

−0.0173***

(0.0028)

−0.0159***

(0.0028)

−0.0162***

(0.0022)

−0.0158***

(0.0022)

\(int\)

−0.0009

(0.0006)

−0.0009

(0.0006)

−0.0024***

(0.0006)

−0.0024***

(0.0006)

\(unm\)

−0.0001

(0.0004)

−0.0001

(0.0004)

−0.0019*

(0.0010)

−0.0019*

(0.0010)

\(c\)

4.7287***

(0.0207)

4.7568***

(0.0207)

4.7191***

(0.0139)

4.7287***

(0.0139)

Diagnostics

Wald Chi-sq

55.12***

[0.0000]

7177.84***

[0.000]

92.29***

[0.0000]

20,679.5***

[0.0000]

RMSE

0.0112

0.0112

0.0063

0.0063

Obs

3888

3888

2673

2673

  1. Values in brackets are standard errors, while those in parentheses are probabilities. *** and * indicate significance at 1% and 10% critical levels, respectively