Short run error correction model, dependent variable: ΔQt(Qt–Qt–1)
| Independent variables | Coefficient | SE | t Statistic |
| μt–1 (lagged residual from OLS model) | −0.435974† | 0.107683 | −4.05 |
| ΔQt–1(Qt–1–Qt–2) | 0.409118† | 0.143221 | 2.86 |
| ΔPt(Pt–Pt–1) | −726.0866 | 819.383 | −0.89 |
| ΔYt(Yt–Yt–1) | −0.469268 | 0.570705 | −0.82 |
| ΔIndex(Indext–Indext–1) | −815.6432† | 295.2218 | −2.76 |
↵† Significant at α=5%.
R2: 0.3277; p values for diagnostic tests: Jarque–Bera test for normality of model residuals: 0.6266; Breusch–Godfrey Lagrange multiplier test for autocorrelation (three lags): 0.3375; White's test for homoscedasticity: 0.9168.