Stock prices and economic activity nexus in OECD countries: new evidence from an asymmetric panel Granger causality test in the frequency domain

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Table 6 Results of homogeneity tests

Direction of causality	Slope homogeneity test statistics
Direction of causality	Delta test	Delta_adj test
SPI → IPI	364.450 (0.000)*	365.676 (0.000)*
IPI → SPI	154.225 (0.000)*	154.743 (0.000)*
SPI⁻ → IPI⁻	718.723 (0.000)*	721.141 (0.000)*
IPI⁻ → SPI⁻	719.198 (0.000)*	721.618 (0.000)*
SPI⁺ → IPI⁺	747.445 (0.000)*	749.960 (0.000)*
IPI⁺ → SPI⁺	776.410 (0.000)*	779.023 (0.000)*