Table 4

Long-run equilibrium, ordinary least squares (OLS), dependent variable: Qt (trend adjusted monthly sales of domestic filtered cigarettes)

Independent variablesCoefficientSEt Statistic
Pt (real average retail price)−820.4694400.0634−2.05
Yt (real average income)0.7817750.3343582.34
Indext (other tobacco control measures)−631.0282282.1295−2.24
  • Significant at α=5%.

  • R2: 0.4790; p values for diagnostic tests: Jarque–Bera test for normality of model residuals: 0.1508; Breusch–Godfrey Lagrange multiplier test for autocorrelation (three lags): 0.0000; White's test for homoscedasticity: 0.2111.

  • Elasticities calculated at means: (eg, Embedded Image).