set

ex values

Instrumental variables

J-test

(1)

average

(monthly average values)

c R (−1 to −5, −8, −10)

ex (−1 to −5) ex²(−1 to −5)

2.189^***

(0.148) [0.000]

−2.779^**

(1.083) [0.012]

−1.744^**

(0.879) [0.049]

1.255^***

(0.186) [0.000]

11.097

[0.746]

(2)

End

(end-of-month values)

c R (−1 to −4) r (−6)

ex (−1 to −5) ex² (−1 to −3)

2.051^***

(0.188) [0.000]

−1.646

(1.610) [0.309]

−0.393

(1.329) [0.768]

0.478

(1.163) [0.682]

13.334

[0.272]