The Asymmetric Effects of Oil Price Shocks on Aggregate Demand for Goods and Services in Ghana
Table 2
Asymmetric statistics for disaggregated components of aggregate demand and oil price.
Statistics
Model 1 (GDP)
Model 2 (CONS)
Model 3 (PINV)
Model 4 (GOV)
Model 5 (IMP)
0.230
0.165
0.662
0.521
0.323
-stat
(37.94)
(33.35)
(3.456)
(4.953)
(20.57)
-0.009
0.097
0.086
-0.029
-0.119
-stat
(0.0344)
(6.687)
(0.062)
(0.014)
(1.64)
21.15 (0.000)
57.95 (0.000)
11.12 (0.003)
13.42 (0.001)
3.902 (0.060)
0.2456 (0.624)
0.0517 (0.822)
0.8006 (0.379)
0.9207 (0.346)
2.623 (0.118)
3.5523
2.8230
2.3837
2.4181
5.5922
CHSQ-SC
18.9 (0.3983)
16.4 (0.5644)
22.13 (0.2261)
18.48 (0.4242)
18.19 (0.4434)
CHSQ-HET
1.324 (0.2498)
0.271 (0.6026)
0.03575 (0.8500)
2.6 (0.1069)
4.824 (0.0281)
CHISQ-FF
1.421 (0.2633)
0.2755 (0.8424)
2.726 (0.0675)
1.179 (0.3395)
3.917 (0.0229)
CHSQ-NOR
0.9189 (0.6316)
(0.03676 (0.9818)
0.753 (0.6863)
0.3033 (0.8593)
0.1477 (0.9288)
NOTES: and represent the long-run coefficients associated with positive and negative price shocks, respectively. and represent the Wald test for long-run symmetry and short-run symmetry, respectively. Pesaran et al. [41] 5% critical values for are -3.23 and 4.35 for and , respectively.
