The present application concerns the relation between per capita consumption (LogConsumption), per capita income
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In each table the test program runs five different regressions depending
on the number of lags
that are included in the regression. The first regression reported in the bottom line of
the table excludes all lags
, the
second regression includes
, the
third regression includes
and so forth. Since we use quarterly data we have specified 4 as the maximum
number of the included lags
. The t-value reported in column t-DY lag always relates
to the last included lag
.
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fact that
standard deviation
regression equation
that are included in the regression. The first regression reported in the bottom line of 
, the 
and so forth. Since we use quarterly data we have specified 4 as the maximum 
.