Table 7 Misspecification tests
Transition variable: government response index (GRI) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
LM_X | PV | LM_F | PV | HAC_X | PV | HAC_F | PV | WB_ PV | WCB_ PV | |
No remaining heterogeneity | ||||||||||
ma = 2 | 388.3 | 0.00E+00 | 24.14 | 0.00E+00 | 59.48 | 6.40E−07 | 3.697 | 7.49E−07 | 0.58 | 0.58 |
Parameter constancy | ||||||||||
ha = 2 | 607.3 | 0 | 37.75 | 0 | 59.97 | 5.29E−07 | 3.728 | 6.20E−07 | 1 | 1 |