Is pass-through of the exchange rate to restaurant and hotel prices asymmetric in the US? Role of monetary policy uncertainty

Financial Innovation

Table 2 Symmetry tests

Exogenous	Long-run Asymmetry (W_LR)		Short-run Asymmetry (W_SR)
Variable	F-Statistic	P-value	F-Statistic	P-value
Panel A: Long-run and short-run symmetric tests
lnNEER_t	9.652***	0.000	7.7778***	0.000
lnMP_t	91.15***	0.000	1.138	0.288
lnEPR_t	6.049***	0.000	4.413**	0.037

Variable	BDS Statistic	SE	P-value
Panel B: BDS non-linearity tests
lnRHP_t	0.2040***	0.0029	0.0000
lnNEER_t	0.1836***	0.0029	0.0000
lnMP_t	0.0515***	0.0035	0.0000
lnEPR_t	0.1830***	0.0040	0.0000

** and *** denote 1% and 5% significance levels. W_LR and W_SR indicate the Wald test for the long- and short-run with their respective P-values
Superscript ***shows a significance level at 0.01 with a maximum cor. dimension of 2