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{\rtf1\par

\qc
Model 5: ARMAX, using observations 1990-2008 (T = 19)\par
Dependent variable: Inflation\par
Standard errors based on Hessian
\par
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0\cellx7500\cellx8000
\intbl \qc {\i }\cell \qc {\i Coefficient}\cell \qc {\i Std. Error}\cell \qc {\
i z}\cell \qc {\i p-value}\cell \ql \cell \intbl \row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx1900\cellx3300\cellx4700\cellx6100
\cellx7500\cellx8000
\intbl\ql const\cell \qc 16.3358\cell \qc 6.79953\cell \qc 2.4025\cell \qc 0.016
28\cell \ql **\cell \intbl \row
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\cellx7500\cellx8000
\intbl\ql phi_1\cell \qc -0.485652\cell \qc 0.322823\cell \qc -1.5044\cell \qc 0
.13248\cell \ql \cell \intbl \row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx1900\cellx3300\cellx4700\cellx6100
\cellx7500\cellx8000
\intbl\ql theta_1\cell \qc -1\cell \qc 0.141759\cell \qc -7.0542\cell \qc <0.000
01\cell \ql ***\cell \intbl \row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx1900\cellx3300\cellx4700\cellx6100
\cellx7500\cellx8000
\intbl\ql MoneySupplyGrow\cell \qc -0.0786398\cell \qc 0.151938\cell \qc -0.5176
\cell \qc 0.60475\cell \ql \cell \intbl \row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx1900\cellx3300\cellx4700\cellx6100
\cellx7500\cellx8000
\intbl\ql GDPgrowth\cell \qc 0.255863\cell \qc 0.13814\cell \qc 1.8522\cell \qc
0.06400\cell \ql *\cell \intbl \row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx1900\cellx3300\cellx4700\cellx6100
\cellx7500\cellx8000
\intbl\ql CPIgrowth\cell \qc -0.0381286\cell \qc 0.0908405\cell \qc -0.4197\cell
\qc 0.67468\cell \ql \cell \intbl \row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx1900\cellx3300\cellx4700\cellx6100
\cellx7500\cellx8000
\intbl\ql ExchangeRate\cell \qc -0.287345\cell \qc 0.17328\cell \qc -1.6583\cell
\qc 0.09726\cell \ql *\cell \intbl \row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx1900\cellx3300\cellx4700\cellx6100
\cellx7500\cellx8000
\intbl\ql FDI_in_bn_\cell \qc 0.0621095\cell \qc 0.156143\cell \qc 0.3978\cell \
qc 0.69080\cell \ql \cell \intbl \row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx1900\cellx3300\cellx4700\cellx6100
\cellx7500\cellx8000
\intbl\ql GrossDomesticSa\cell \qc 0.160217\cell \qc 0.199239\cell \qc 0.8041\ce
ll \qc 0.42131\cell \ql \cell \intbl \row
}
\par
{\trowd \trqc \trgaph30\trleft-30\trrh262\cellx2500\cellx3800\cellx4200\cellx670
0\cellx8000
\intbl\ql Mean dependent var\cell\qr 7.022105\cell \qc \cell\ql S.D. dependent
var\cell\qr 2.964182\cell\intbl\row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx2500\cellx3800\cellx4200\cellx6700
\cellx8000
\intbl\ql Mean of innovations\cell\qr -0.127896\cell \qc \cell\ql S.D. of innova
tions\cell\qr 0.898760\cell\intbl\row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx2500\cellx3800\cellx4200\cellx6700
\cellx8000
\intbl\ql Log-likelihood\cell\qr -26.94338\cell \qc \cell\ql Akaike criterion\ce
ll\qr 73.88677\cell\intbl\row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx2500\cellx3800\cellx4200\cellx6700
\cellx8000
\intbl\ql Schwarz criterion\cell\qr 83.33116\cell \qc \cell\ql Hannan-Quinn\cel
l\qr 75.48513\cell\intbl\row
}

\par
{\trowd \trqc \trgaph30\trleft-30\trrh262\cellx500\cellx1500\cellx2900\cellx4300
\cellx5700\cellx7100
\intbl\qr \cell \qc \cell \qc {\i Real}\cell \qc {\i Imaginary}\cell \qc {\i Mod
ulus}\cell \qc {\i Frequency}\cell \intbl \row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx500\cellx1500\cellx2900\cellx4300\
cellx5700\cellx7100
\intbl\ql AR\cell\ql \cell\ql \cell\ql \cell\ql \cell\ql\cell \intbl \row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx500\cellx1500\cellx2900\cellx4300\
cellx5700\cellx7100
\intbl\ql \cell \ql Root 1 \cell \qr -2.0591\cell \qr 0.0000\cell \qr 2.0591\cel
l \qr 0.5000\cell \intbl \row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx500\cellx1500\cellx2900\cellx4300\
cellx5700\cellx7100
\intbl\ql MA\cell\ql \cell\ql \cell\ql \cell\ql \cell\ql\cell \intbl \row
\trowd \trqc \trgaph30\trleft-30\trrh262\cellx500\cellx1500\cellx2900\cellx4300\
cellx5700\cellx7100
\intbl\ql \cell \ql Root 1 \cell \qr 1.0000\cell \qr 0.0000\cell \qr 1.0000\cell
\qr 0.0000\cell \intbl \row
}
}