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

Financial Innovation

Table 7 Asymmetric causality test

Null hypothesis	P-value	Null hypothesis	P-value
lnNEER⁺ ≠ > lnRHP⁺	0.086	lnRHP⁺ ≠ > lnNEER⁺	0.743
LnNEER⁻ ≠ > lnRHP⁻	0.769	LnRHP⁻ ≠ > lnNEER⁻	0.516
LnMP⁺ ≠ > lnRHP⁺	0.536	LnRHP ≠ > lnMP	0.201
LnMP⁻ ≠ > lnRHP⁻	0.987	LnRHP⁻ ≠ > lnMP⁻	0.878
LnEPR⁺ ≠ > lnRHP⁺	0.027	LnRHP⁺ ≠ > lnEPR⁺	0.920
LnEPR⁻ ≠ > lnRHP⁻	0.538	LnRHP⁻ ≠ > lnEPR⁻	0.778
LnMP⁺ ≠ > lnNEER⁺	0.002	LnNEER⁺ ≠ > lnMP⁺	0.072
LnMP⁻ ≠ > lnNEER⁻	0.092	LnNEER⁻ ≠ > lnMP⁻	0.088
LnEPR⁺ ≠ > lnNEER⁺	0.953	LnNEER⁺ ≠ > lnEPR⁺	0.092
LnEPR⁻ ≠ > lnNEER⁻	0.349	LnNEER⁻ ≠ > lnEPR⁻	0.035

≠ > denotes the null hypothesis of no causality. Hatemi-J Criterion (HJC) is used for lag selection