id	sid	tid	token	lemma	pos
arjefm-76	1	1	american	american	PROPN
arjefm-76	1	2	research	research	PROPN
arjefm-76	1	3	journal	journal	PROPN
arjefm-76	1	4	of	of	ADP
arjefm-76	1	5	economics	economic	NOUN
arjefm-76	1	6	,	,	PUNCT
arjefm-76	1	7	finance	finance	NOUN
arjefm-76	1	8	and	and	CCONJ
arjefm-76	1	9	management	management	NOUN
arjefm-76	1	10	volume	volume	NOUN
arjefm-76	1	11	11	11	NUM
arjefm-76	1	12	issue	issue	NOUN
arjefm-76	1	13	1	1	NUM
arjefm-76	1	14	,	,	PUNCT
arjefm-76	1	15	january	january	PROPN
arjefm-76	1	16	-	-	PUNCT
arjefm-76	1	17	march	march	PROPN
arjefm-76	1	18	2023	2023	NUM
arjefm-76	1	19	issn	issn	NOUN
arjefm-76	1	20	:	:	PUNCT
arjefm-76	1	21	2836	2836	NUM
arjefm-76	1	22	-	-	SYM
arjefm-76	1	23	9416	9416	NUM
arjefm-76	1	24	impact	impact	NOUN
arjefm-76	1	25	factor	factor	NOUN
arjefm-76	1	26	:	:	PUNCT
arjefm-76	1	27	5.57	5.57	NUM
arjefm-76	1	28	journal	journal	NOUN
arjefm-76	1	29	homepage	homepage	NOUN
arjefm-76	1	30	:	:	PUNCT
arjefm-76	1	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-76	1	32	,	,	PUNCT
arjefm-76	1	33	email	email	NOUN
arjefm-76	1	34	:	:	PUNCT
arjefm-76	1	35	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-76	1	36	official	official	ADJ
arjefm-76	1	37	journal	journal	PROPN
arjefm-76	1	38	of	of	ADP
arjefm-76	1	39	america	america	PROPN
arjefm-76	1	40	serial	serial	PROPN
arjefm-76	1	41	publication	publication	NOUN
arjefm-76	1	42	american	american	PROPN
arjefm-76	1	43	research	research	PROPN
arjefm-76	1	44	journal	journal	PROPN
arjefm-76	1	45	of	of	ADP
arjefm-76	1	46	economics	economic	NOUN
arjefm-76	1	47	,	,	PUNCT
arjefm-76	1	48	finance	finance	NOUN
arjefm-76	1	49	and	and	CCONJ
arjefm-76	1	50	management	management	NOUN
arjefm-76	1	51	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-76	1	52	,	,	PUNCT
arjefm-76	1	53	email	email	NOUN
arjefm-76	1	54	:	:	PUNCT
arjefm-76	1	55	contact@americaserial.com	contact@americaserial.com	X
arjefm-76	2	1	14	14	NUM
arjefm-76	3	1	|	|	ADV
arjefm-76	3	2	p	p	X
arjefm-76	3	3	a	a	DET
arjefm-76	3	4	g	g	NOUN
arjefm-76	3	5	e	e	NOUN
arjefm-76	3	6	monetary	monetary	ADJ
arjefm-76	3	7	transmission	transmission	NOUN
arjefm-76	3	8	mechanisms	mechanism	NOUN
arjefm-76	3	9	:	:	PUNCT
arjefm-76	3	10	insights	insight	NOUN
arjefm-76	3	11	from	from	ADP
arjefm-76	3	12	the	the	DET
arjefm-76	3	13	turkish	turkish	ADJ
arjefm-76	3	14	economy	economy	NOUN
arjefm-76	3	15	professor	professor	NOUN
arjefm-76	3	16	aylin	aylin	PROPN
arjefm-76	3	17	sema	sema	PROPN
arjefm-76	3	18	erdogdu	erdogdu	PROPN
arjefm-76	3	19	,	,	PUNCT
arjefm-76	3	20	istanbul	istanbul	PROPN
arjefm-76	3	21	arel	arel	PROPN
arjefm-76	3	22	university	university	PROPN
arjefm-76	3	23	,	,	PUNCT
arjefm-76	3	24	turkey	turkey	PROPN
arjefm-76	3	25	abstract	abstract	NOUN
arjefm-76	3	26	:	:	PUNCT
arjefm-76	3	27	the	the	DET
arjefm-76	3	28	monetary	monetary	ADJ
arjefm-76	3	29	transmission	transmission	NOUN
arjefm-76	3	30	mechanism	mechanism	NOUN
arjefm-76	3	31	(	(	PUNCT
arjefm-76	3	32	mtm	mtm	PROPN
arjefm-76	3	33	)	)	PUNCT
arjefm-76	3	34	plays	play	VERB
arjefm-76	3	35	a	a	DET
arjefm-76	3	36	pivotal	pivotal	ADJ
arjefm-76	3	37	role	role	NOUN
arjefm-76	3	38	in	in	ADP
arjefm-76	3	39	shaping	shape	VERB
arjefm-76	3	40	real	real	ADJ
arjefm-76	3	41	economic	economic	ADJ
arjefm-76	3	42	activities	activity	NOUN
arjefm-76	3	43	,	,	PUNCT
arjefm-76	3	44	including	include	VERB
arjefm-76	3	45	production	production	NOUN
arjefm-76	3	46	,	,	PUNCT
arjefm-76	3	47	consumption	consumption	NOUN
arjefm-76	3	48	,	,	PUNCT
arjefm-76	3	49	and	and	CCONJ
arjefm-76	3	50	employment	employment	NOUN
arjefm-76	3	51	,	,	PUNCT
arjefm-76	3	52	by	by	ADP
arjefm-76	3	53	channeling	channel	VERB
arjefm-76	3	54	the	the	DET
arjefm-76	3	55	impact	impact	NOUN
arjefm-76	3	56	of	of	ADP
arjefm-76	3	57	monetary	monetary	ADJ
arjefm-76	3	58	policy	policy	NOUN
arjefm-76	3	59	decisions	decision	NOUN
arjefm-76	3	60	.	.	PUNCT
arjefm-76	4	1	this	this	DET
arjefm-76	4	2	dynamic	dynamic	ADJ
arjefm-76	4	3	process	process	NOUN
arjefm-76	4	4	encompasses	encompass	VERB
arjefm-76	4	5	the	the	DET
arjefm-76	4	6	total	total	ADJ
arjefm-76	4	7	demand	demand	NOUN
arjefm-76	4	8	resulting	result	VERB
arjefm-76	4	9	from	from	ADP
arjefm-76	4	10	these	these	DET
arjefm-76	4	11	policy	policy	NOUN
arjefm-76	4	12	decisions	decision	NOUN
arjefm-76	4	13	,	,	PUNCT
arjefm-76	4	14	as	as	ADV
arjefm-76	4	15	well	well	ADV
arjefm-76	4	16	as	as	ADP
arjefm-76	4	17	their	their	PRON
arjefm-76	4	18	effects	effect	NOUN
arjefm-76	4	19	on	on	ADP
arjefm-76	4	20	inflation	inflation	NOUN
arjefm-76	4	21	expectations	expectation	NOUN
arjefm-76	4	22	and	and	CCONJ
arjefm-76	4	23	rates	rate	NOUN
arjefm-76	4	24	.	.	PUNCT
arjefm-76	5	1	in	in	ADP
arjefm-76	5	2	the	the	DET
arjefm-76	5	3	contemporary	contemporary	ADJ
arjefm-76	5	4	economic	economic	ADJ
arjefm-76	5	5	landscape	landscape	NOUN
arjefm-76	5	6	,	,	PUNCT
arjefm-76	5	7	one	one	NUM
arjefm-76	5	8	of	of	ADP
arjefm-76	5	9	the	the	DET
arjefm-76	5	10	most	most	ADV
arjefm-76	5	11	prominent	prominent	ADJ
arjefm-76	5	12	repercussions	repercussion	NOUN
arjefm-76	5	13	of	of	ADP
arjefm-76	5	14	fluctuations	fluctuation	NOUN
arjefm-76	5	15	in	in	ADP
arjefm-76	5	16	monetary	monetary	ADJ
arjefm-76	5	17	policy	policy	NOUN
arjefm-76	5	18	is	be	AUX
arjefm-76	5	19	witnessed	witness	VERB
arjefm-76	5	20	in	in	ADP
arjefm-76	5	21	the	the	DET
arjefm-76	5	22	financial	financial	ADJ
arjefm-76	5	23	choices	choice	NOUN
arjefm-76	5	24	made	make	VERB
arjefm-76	5	25	by	by	ADP
arjefm-76	5	26	businesses	business	NOUN
arjefm-76	5	27	.	.	PUNCT
arjefm-76	6	1	such	such	ADJ
arjefm-76	6	2	policy	policy	NOUN
arjefm-76	6	3	changes	change	NOUN
arjefm-76	6	4	can	can	AUX
arjefm-76	6	5	significantly	significantly	ADV
arjefm-76	6	6	influence	influence	VERB
arjefm-76	6	7	enterprises	enterprise	NOUN
arjefm-76	6	8	'	'	PART
arjefm-76	6	9	sales	sale	NOUN
arjefm-76	6	10	,	,	PUNCT
arjefm-76	6	11	production	production	NOUN
arjefm-76	6	12	expenditures	expenditure	NOUN
arjefm-76	6	13	,	,	PUNCT
arjefm-76	6	14	and	and	CCONJ
arjefm-76	6	15	balance	balance	NOUN
arjefm-76	6	16	sheets	sheet	NOUN
arjefm-76	6	17	,	,	PUNCT
arjefm-76	6	18	spanning	span	VERB
arjefm-76	6	19	both	both	CCONJ
arjefm-76	6	20	durable	durable	ADJ
arjefm-76	6	21	and	and	CCONJ
arjefm-76	6	22	nondurable	nondurable	ADJ
arjefm-76	6	23	goods	good	NOUN
arjefm-76	6	24	production	production	NOUN
arjefm-76	6	25	and	and	CCONJ
arjefm-76	6	26	impacting	impact	VERB
arjefm-76	6	27	households	household	NOUN
arjefm-76	6	28	'	'	PART
arjefm-76	6	29	overall	overall	ADJ
arjefm-76	6	30	expenditure	expenditure	NOUN
arjefm-76	6	31	.	.	PUNCT
arjefm-76	7	1	the	the	DET
arjefm-76	7	2	mtm	mtm	PROPN
arjefm-76	7	3	can	can	AUX
arjefm-76	7	4	be	be	AUX
arjefm-76	7	5	broadly	broadly	ADV
arjefm-76	7	6	categorized	categorize	VERB
arjefm-76	7	7	into	into	ADP
arjefm-76	7	8	two	two	NUM
arjefm-76	7	9	primary	primary	ADJ
arjefm-76	7	10	components	component	NOUN
arjefm-76	7	11	.	.	PUNCT
arjefm-76	8	1	firstly	firstly	ADV
arjefm-76	8	2	,	,	PUNCT
arjefm-76	8	3	it	it	PRON
arjefm-76	8	4	encompasses	encompass	VERB
arjefm-76	8	5	the	the	DET
arjefm-76	8	6	analysis	analysis	NOUN
arjefm-76	8	7	of	of	ADP
arjefm-76	8	8	market	market	NOUN
arjefm-76	8	9	interest	interest	NOUN
arjefm-76	8	10	rate	rate	NOUN
arjefm-76	8	11	fluctuations	fluctuation	NOUN
arjefm-76	8	12	,	,	PUNCT
arjefm-76	8	13	delving	delve	VERB
arjefm-76	8	14	into	into	ADP
arjefm-76	8	15	how	how	SCONJ
arjefm-76	8	16	monetary	monetary	ADJ
arjefm-76	8	17	policy	policy	NOUN
arjefm-76	8	18	decisions	decision	NOUN
arjefm-76	8	19	affect	affect	VERB
arjefm-76	8	20	the	the	DET
arjefm-76	8	21	asset	asset	NOUN
arjefm-76	8	22	landscape	landscape	NOUN
arjefm-76	8	23	,	,	PUNCT
arjefm-76	8	24	including	include	VERB
arjefm-76	8	25	foreign	foreign	ADJ
arjefm-76	8	26	exchange	exchange	NOUN
arjefm-76	8	27	rates	rate	NOUN
arjefm-76	8	28	and	and	CCONJ
arjefm-76	8	29	financial	financial	ADJ
arjefm-76	8	30	market	market	NOUN
arjefm-76	8	31	conditions	condition	NOUN
arjefm-76	8	32	.	.	PUNCT
arjefm-76	9	1	secondly	secondly	ADV
arjefm-76	9	2	,	,	PUNCT
arjefm-76	9	3	it	it	PRON
arjefm-76	9	4	scrutinizes	scrutinize	VERB
arjefm-76	9	5	the	the	DET
arjefm-76	9	6	production	production	NOUN
arjefm-76	9	7	-	-	PUNCT
arjefm-76	9	8	related	relate	VERB
arjefm-76	9	9	aspects	aspect	NOUN
arjefm-76	9	10	affected	affect	VERB
arjefm-76	9	11	by	by	ADP
arjefm-76	9	12	changes	change	NOUN
arjefm-76	9	13	in	in	ADP
arjefm-76	9	14	financial	financial	ADJ
arjefm-76	9	15	market	market	NOUN
arjefm-76	9	16	conditions	condition	NOUN
arjefm-76	9	17	and	and	CCONJ
arjefm-76	9	18	inflation	inflation	NOUN
arjefm-76	9	19	rates	rate	NOUN
arjefm-76	9	20	.	.	PUNCT
arjefm-76	10	1	the	the	DET
arjefm-76	10	2	mtm	mtm	PROPN
arjefm-76	10	3	operates	operate	VERB
arjefm-76	10	4	through	through	ADP
arjefm-76	10	5	a	a	DET
arjefm-76	10	6	multifaceted	multifaceted	ADJ
arjefm-76	10	7	network	network	NOUN
arjefm-76	10	8	of	of	ADP
arjefm-76	10	9	channels	channel	NOUN
arjefm-76	10	10	,	,	PUNCT
arjefm-76	10	11	influencing	influence	VERB
arjefm-76	10	12	households	household	NOUN
arjefm-76	10	13	'	'	PART
arjefm-76	10	14	purchasing	purchasing	NOUN
arjefm-76	10	15	decisions	decision	NOUN
arjefm-76	10	16	and	and	CCONJ
arjefm-76	10	17	altering	alter	VERB
arjefm-76	10	18	firms	firm	NOUN
arjefm-76	10	19	'	'	PART
arjefm-76	10	20	balance	balance	NOUN
arjefm-76	10	21	sheets	sheet	NOUN
arjefm-76	10	22	.	.	PUNCT
arjefm-76	11	1	this	this	DET
arjefm-76	11	2	article	article	NOUN
arjefm-76	11	3	underscores	underscore	VERB
arjefm-76	11	4	the	the	DET
arjefm-76	11	5	diverse	diverse	ADJ
arjefm-76	11	6	channels	channel	NOUN
arjefm-76	11	7	that	that	PRON
arjefm-76	11	8	constitute	constitute	VERB
arjefm-76	11	9	the	the	DET
arjefm-76	11	10	mtm	mtm	PROPN
arjefm-76	11	11	,	,	PUNCT
arjefm-76	11	12	including	include	VERB
arjefm-76	11	13	the	the	DET
arjefm-76	11	14	exchange	exchange	NOUN
arjefm-76	11	15	rate	rate	NOUN
arjefm-76	11	16	channel	channel	PROPN
arjefm-76	11	17	,	,	PUNCT
arjefm-76	11	18	interest	interest	NOUN
arjefm-76	11	19	rate	rate	NOUN
arjefm-76	11	20	channel	channel	PROPN
arjefm-76	11	21	,	,	PUNCT
arjefm-76	11	22	bank	bank	NOUN
arjefm-76	11	23	credit	credit	NOUN
arjefm-76	11	24	channel	channel	NOUN
arjefm-76	11	25	,	,	PUNCT
arjefm-76	11	26	and	and	CCONJ
arjefm-76	11	27	balance	balance	NOUN
arjefm-76	11	28	sheet	sheet	NOUN
arjefm-76	11	29	channel	channel	NOUN
arjefm-76	11	30	.	.	PUNCT
arjefm-76	12	1	by	by	ADP
arjefm-76	12	2	exploring	explore	VERB
arjefm-76	12	3	these	these	DET
arjefm-76	12	4	channels	channel	NOUN
arjefm-76	12	5	,	,	PUNCT
arjefm-76	12	6	it	it	PRON
arjefm-76	12	7	seeks	seek	VERB
arjefm-76	12	8	to	to	PART
arjefm-76	12	9	unravel	unravel	VERB
arjefm-76	12	10	the	the	DET
arjefm-76	12	11	intricate	intricate	ADJ
arjefm-76	12	12	pathways	pathway	NOUN
arjefm-76	12	13	through	through	ADP
arjefm-76	12	14	which	which	PRON
arjefm-76	12	15	monetary	monetary	ADJ
arjefm-76	12	16	changes	change	NOUN
arjefm-76	12	17	reverberate	reverberate	VERB
arjefm-76	12	18	across	across	ADP
arjefm-76	12	19	total	total	ADJ
arjefm-76	12	20	demand	demand	NOUN
arjefm-76	12	21	and	and	CCONJ
arjefm-76	12	22	production	production	NOUN
arjefm-76	12	23	levels	level	NOUN
arjefm-76	12	24	.	.	PUNCT
arjefm-76	13	1	keywords	keyword	NOUN
arjefm-76	13	2	:	:	PUNCT
arjefm-76	13	3	monetary	monetary	ADJ
arjefm-76	13	4	transmission	transmission	NOUN
arjefm-76	13	5	mechanism	mechanism	NOUN
arjefm-76	13	6	,	,	PUNCT
arjefm-76	13	7	monetary	monetary	ADJ
arjefm-76	13	8	policy	policy	NOUN
arjefm-76	13	9	,	,	PUNCT
arjefm-76	13	10	interest	interest	NOUN
arjefm-76	13	11	rate	rate	NOUN
arjefm-76	13	12	channel	channel	PROPN
arjefm-76	13	13	,	,	PUNCT
arjefm-76	13	14	exchange	exchange	NOUN
arjefm-76	13	15	rate	rate	NOUN
arjefm-76	13	16	channel	channel	PROPN
arjefm-76	13	17	,	,	PUNCT
arjefm-76	13	18	bank	bank	NOUN
arjefm-76	13	19	credit	credit	NOUN
arjefm-76	13	20	channel	channel	NOUN
arjefm-76	13	21	,	,	PUNCT
arjefm-76	13	22	balance	balance	NOUN
arjefm-76	13	23	sheet	sheet	NOUN
arjefm-76	13	24	channel	channel	NOUN
arjefm-76	13	25	.	.	PUNCT
arjefm-76	14	1	1	1	X
arjefm-76	14	2	.	.	X
arjefm-76	14	3	introduction	introduction	NOUN
arjefm-76	14	4	monetary	monetary	ADJ
arjefm-76	14	5	transmission	transmission	NOUN
arjefm-76	14	6	mechanism	mechanism	NOUN
arjefm-76	14	7	influences	influence	VERB
arjefm-76	14	8	real	real	ADJ
arjefm-76	14	9	economic	economic	ADJ
arjefm-76	14	10	activities	activity	NOUN
arjefm-76	14	11	such	such	ADJ
arjefm-76	14	12	as	as	ADP
arjefm-76	14	13	production	production	NOUN
arjefm-76	14	14	,	,	PUNCT
arjefm-76	14	15	consumption	consumption	NOUN
arjefm-76	14	16	and	and	CCONJ
arjefm-76	14	17	employment	employment	NOUN
arjefm-76	14	18	through	through	ADP
arjefm-76	14	19	its	its	PRON
arjefm-76	14	20	own	own	ADJ
arjefm-76	14	21	dynamics	dynamic	NOUN
arjefm-76	14	22	during	during	ADP
arjefm-76	14	23	the	the	DET
arjefm-76	14	24	implementation	implementation	NOUN
arjefm-76	14	25	of	of	ADP
arjefm-76	14	26	monetary	monetary	ADJ
arjefm-76	14	27	policy	policy	NOUN
arjefm-76	14	28	decisions	decision	NOUN
arjefm-76	14	29	.	.	PUNCT
arjefm-76	15	1	more	more	ADV
arjefm-76	15	2	precisely	precisely	ADV
arjefm-76	15	3	,	,	PUNCT
arjefm-76	15	4	it	it	PRON
arjefm-76	15	5	can	can	AUX
arjefm-76	15	6	be	be	AUX
arjefm-76	15	7	defined	define	VERB
arjefm-76	15	8	as	as	ADP
arjefm-76	15	9	the	the	DET
arjefm-76	15	10	total	total	ADJ
arjefm-76	15	11	demand	demand	NOUN
arjefm-76	15	12	of	of	ADP
arjefm-76	15	13	the	the	DET
arjefm-76	15	14	monetary	monetary	ADJ
arjefm-76	15	15	policy	policy	NOUN
arjefm-76	15	16	decisions	decision	NOUN
arjefm-76	15	17	,	,	PUNCT
arjefm-76	15	18	and	and	CCONJ
arjefm-76	15	19	the	the	DET
arjefm-76	15	20	process	process	NOUN
arjefm-76	15	21	of	of	ADP
arjefm-76	15	22	inflation	inflation	NOUN
arjefm-76	15	23	expectations	expectation	NOUN
arjefm-76	15	24	and	and	CCONJ
arjefm-76	15	25	inflation	inflation	NOUN
arjefm-76	15	26	rates	rate	NOUN
arjefm-76	15	27	.	.	PUNCT
arjefm-76	16	1	nowadays	nowadays	ADV
arjefm-76	16	2	,	,	PUNCT
arjefm-76	16	3	the	the	DET
arjefm-76	16	4	most	most	ADV
arjefm-76	16	5	important	important	ADJ
arjefm-76	16	6	effect	effect	NOUN
arjefm-76	16	7	of	of	ADP
arjefm-76	16	8	changes	change	NOUN
arjefm-76	16	9	in	in	ADP
arjefm-76	16	10	monetary	monetary	ADJ
arjefm-76	16	11	policy	policy	NOUN
arjefm-76	16	12	occurring	occur	VERB
arjefm-76	16	13	due	due	ADP
arjefm-76	16	14	to	to	ADP
arjefm-76	16	15	macroeconomic	macroeconomic	ADJ
arjefm-76	16	16	fluctuations	fluctuation	NOUN
arjefm-76	16	17	is	be	AUX
arjefm-76	16	18	observed	observe	VERB
arjefm-76	16	19	in	in	ADP
arjefm-76	16	20	the	the	DET
arjefm-76	16	21	financial	financial	ADJ
arjefm-76	16	22	decisions	decision	NOUN
arjefm-76	16	23	of	of	ADP
arjefm-76	16	24	companies	company	NOUN
arjefm-76	16	25	.	.	PUNCT
arjefm-76	17	1	changes	change	NOUN
arjefm-76	17	2	in	in	ADP
arjefm-76	17	3	the	the	DET
arjefm-76	17	4	monetary	monetary	ADJ
arjefm-76	17	5	policy	policy	NOUN
arjefm-76	17	6	are	be	AUX
arjefm-76	17	7	transmitted	transmit	VERB
arjefm-76	17	8	both	both	PRON
arjefm-76	17	9	to	to	ADP
arjefm-76	17	10	the	the	DET
arjefm-76	17	11	sales	sale	NOUN
arjefm-76	17	12	of	of	ADP
arjefm-76	17	13	enterprises	enterprise	NOUN
arjefm-76	17	14	which	which	PRON
arjefm-76	17	15	produce	produce	VERB
arjefm-76	17	16	durable	durable	ADJ
arjefm-76	17	17	and	and	CCONJ
arjefm-76	17	18	non	non	ADJ
arjefm-76	17	19	durable	durable	ADJ
arjefm-76	17	20	goods	good	NOUN
arjefm-76	17	21	,	,	PUNCT
arjefm-76	17	22	through	through	ADP
arjefm-76	17	23	the	the	DET
arjefm-76	17	24	changes	change	NOUN
arjefm-76	17	25	in	in	ADP
arjefm-76	17	26	an	an	DET
arjefm-76	17	27	enterprise	enterprise	NOUN
arjefm-76	17	28	’s	’s	PART
arjefm-76	17	29	total	total	ADJ
arjefm-76	17	30	expenditure	expenditure	NOUN
arjefm-76	17	31	of	of	ADP
arjefm-76	17	32	households	household	NOUN
arjefm-76	17	33	,	,	PUNCT
arjefm-76	17	34	and	and	CCONJ
arjefm-76	17	35	to	to	ADP
arjefm-76	17	36	the	the	DET
arjefm-76	17	37	balance	balance	NOUN
arjefm-76	17	38	sheets	sheet	NOUN
arjefm-76	17	39	of	of	ADP
arjefm-76	17	40	these	these	DET
arjefm-76	17	41	legal	legal	ADJ
arjefm-76	17	42	entities	entity	NOUN
arjefm-76	17	43	.	.	PUNCT
arjefm-76	18	1	this	this	DET
arjefm-76	18	2	approach	approach	NOUN
arjefm-76	18	3	,	,	PUNCT
arjefm-76	18	4	known	know	VERB
arjefm-76	18	5	as	as	ADP
arjefm-76	18	6	monetary	monetary	ADJ
arjefm-76	18	7	transmission	transmission	NOUN
arjefm-76	18	8	mechanism	mechanism	NOUN
arjefm-76	18	9	,	,	PUNCT
arjefm-76	18	10	determines	determine	VERB
arjefm-76	18	11	how	how	SCONJ
arjefm-76	18	12	and	and	CCONJ
arjefm-76	18	13	to	to	ADP
arjefm-76	18	14	the	the	DET
arjefm-76	18	15	extent	extent	NOUN
arjefm-76	18	16	to	to	PART
arjefm-76	18	17	which	which	PRON
arjefm-76	18	18	monetary	monetary	ADJ
arjefm-76	18	19	changes	change	NOUN
arjefm-76	18	20	influence	influence	VERB
arjefm-76	18	21	total	total	ADJ
arjefm-76	18	22	demand	demand	NOUN
arjefm-76	18	23	and	and	CCONJ
arjefm-76	18	24	production	production	NOUN
arjefm-76	18	25	.	.	PUNCT
arjefm-76	19	1	based	base	VERB
arjefm-76	19	2	on	on	ADP
arjefm-76	19	3	these	these	DET
arjefm-76	19	4	descriptions	description	NOUN
arjefm-76	19	5	that	that	PRON
arjefm-76	19	6	are	be	AUX
arjefm-76	19	7	explained	explain	VERB
arjefm-76	19	8	above	above	ADV
arjefm-76	19	9	,	,	PUNCT
arjefm-76	19	10	it	it	PRON
arjefm-76	19	11	can	can	AUX
arjefm-76	19	12	be	be	AUX
arjefm-76	19	13	deduced	deduce	VERB
arjefm-76	19	14	in	in	ADP
arjefm-76	19	15	which	which	DET
arjefm-76	19	16	way	way	NOUN
arjefm-76	19	17	and	and	CCONJ
arjefm-76	19	18	to	to	ADP
arjefm-76	19	19	what	what	DET
arjefm-76	19	20	extent	extent	NOUN
arjefm-76	19	21	monetary	monetary	ADJ
arjefm-76	19	22	changes	change	NOUN
arjefm-76	19	23	influence	influence	VERB
arjefm-76	19	24	total	total	ADJ
arjefm-76	19	25	demand	demand	NOUN
arjefm-76	19	26	and	and	CCONJ
arjefm-76	19	27	total	total	ADJ
arjefm-76	19	28	production	production	NOUN
arjefm-76	19	29	.	.	PUNCT
arjefm-76	20	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-76	20	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-76	21	1	american	american	PROPN
arjefm-76	21	2	research	research	PROPN
arjefm-76	21	3	journal	journal	PROPN
arjefm-76	21	4	of	of	ADP
arjefm-76	21	5	economics	economic	NOUN
arjefm-76	21	6	,	,	PUNCT
arjefm-76	21	7	finance	finance	NOUN
arjefm-76	21	8	and	and	CCONJ
arjefm-76	21	9	management	management	NOUN
arjefm-76	21	10	volume	volume	NOUN
arjefm-76	21	11	11	11	NUM
arjefm-76	21	12	issue	issue	NOUN
arjefm-76	21	13	1	1	NUM
arjefm-76	21	14	,	,	PUNCT
arjefm-76	21	15	january	january	PROPN
arjefm-76	21	16	-	-	PUNCT
arjefm-76	21	17	march	march	PROPN
arjefm-76	21	18	2023	2023	NUM
arjefm-76	21	19	issn	issn	NOUN
arjefm-76	21	20	:	:	PUNCT
arjefm-76	21	21	2836	2836	NUM
arjefm-76	21	22	-	-	SYM
arjefm-76	21	23	9416	9416	NUM
arjefm-76	21	24	impact	impact	NOUN
arjefm-76	21	25	factor	factor	NOUN
arjefm-76	21	26	:	:	PUNCT
arjefm-76	21	27	5.57	5.57	NUM
arjefm-76	21	28	journal	journal	NOUN
arjefm-76	21	29	homepage	homepage	NOUN
arjefm-76	21	30	:	:	PUNCT
arjefm-76	21	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-76	21	32	,	,	PUNCT
arjefm-76	21	33	email	email	NOUN
arjefm-76	21	34	:	:	PUNCT
arjefm-76	22	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-76	22	2	official	official	ADJ
arjefm-76	22	3	journal	journal	PROPN
arjefm-76	22	4	of	of	ADP
arjefm-76	22	5	america	america	PROPN
arjefm-76	22	6	serial	serial	PROPN
arjefm-76	22	7	publication	publication	NOUN
arjefm-76	22	8	american	american	PROPN
arjefm-76	22	9	research	research	PROPN
arjefm-76	22	10	journal	journal	PROPN
arjefm-76	22	11	of	of	ADP
arjefm-76	22	12	economics	economic	NOUN
arjefm-76	22	13	,	,	PUNCT
arjefm-76	22	14	finance	finance	NOUN
arjefm-76	22	15	and	and	CCONJ
arjefm-76	22	16	management	management	NOUN
arjefm-76	22	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-76	22	18	,	,	PUNCT
arjefm-76	22	19	email	email	NOUN
arjefm-76	22	20	:	:	PUNCT
arjefm-76	22	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-76	23	1	15	15	NUM
arjefm-76	24	1	|	|	ADV
arjefm-76	24	2	p	p	X
arjefm-76	24	3	a	a	DET
arjefm-76	24	4	g	g	NOUN
arjefm-76	24	5	e	e	NOUN
arjefm-76	24	6	monetary	monetary	ADJ
arjefm-76	24	7	transmission	transmission	NOUN
arjefm-76	24	8	mechanism	mechanism	NOUN
arjefm-76	24	9	can	can	AUX
arjefm-76	24	10	generally	generally	ADV
arjefm-76	24	11	be	be	AUX
arjefm-76	24	12	analyzed	analyze	VERB
arjefm-76	24	13	under	under	ADP
arjefm-76	24	14	two	two	NUM
arjefm-76	24	15	main	main	ADJ
arjefm-76	24	16	headings	heading	NOUN
arjefm-76	24	17	.	.	PUNCT
arjefm-76	25	1	the	the	DET
arjefm-76	25	2	first	first	ADJ
arjefm-76	25	3	analysis	analysis	NOUN
arjefm-76	25	4	determines	determine	VERB
arjefm-76	25	5	the	the	DET
arjefm-76	25	6	examination	examination	NOUN
arjefm-76	25	7	of	of	ADP
arjefm-76	25	8	changes	change	NOUN
arjefm-76	25	9	in	in	ADP
arjefm-76	25	10	market	market	NOUN
arjefm-76	25	11	interest	interest	NOUN
arjefm-76	25	12	rates	rate	NOUN
arjefm-76	25	13	.	.	PUNCT
arjefm-76	26	1	monetary	monetary	ADJ
arjefm-76	26	2	policy	policy	NOUN
arjefm-76	26	3	determines	determine	VERB
arjefm-76	26	4	the	the	DET
arjefm-76	26	5	transfer	transfer	NOUN
arjefm-76	26	6	of	of	ADP
arjefm-76	26	7	assets	asset	NOUN
arjefm-76	26	8	such	such	ADJ
arjefm-76	26	9	as	as	ADP
arjefm-76	26	10	foreign	foreign	ADJ
arjefm-76	26	11	exchange	exchange	NOUN
arjefm-76	26	12	rates	rate	NOUN
arjefm-76	26	13	and	and	CCONJ
arjefm-76	26	14	financial	financial	ADJ
arjefm-76	26	15	market	market	NOUN
arjefm-76	26	16	conditions	condition	NOUN
arjefm-76	26	17	.	.	PUNCT
arjefm-76	27	1	the	the	DET
arjefm-76	27	2	second	second	ADJ
arjefm-76	27	3	indicates	indicate	VERB
arjefm-76	27	4	the	the	DET
arjefm-76	27	5	production	production	NOUN
arjefm-76	27	6	level	level	NOUN
arjefm-76	27	7	of	of	ADP
arjefm-76	27	8	the	the	DET
arjefm-76	27	9	changes	change	NOUN
arjefm-76	27	10	in	in	ADP
arjefm-76	27	11	financial	financial	ADJ
arjefm-76	27	12	market	market	NOUN
arjefm-76	27	13	conditions	condition	NOUN
arjefm-76	27	14	and	and	CCONJ
arjefm-76	27	15	inflation	inflation	NOUN
arjefm-76	27	16	rates	rate	NOUN
arjefm-76	27	17	.	.	PUNCT
arjefm-76	28	1	monetary	monetary	ADJ
arjefm-76	28	2	transmission	transmission	NOUN
arjefm-76	28	3	mechanism	mechanism	NOUN
arjefm-76	28	4	functions	function	NOUN
arjefm-76	28	5	through	through	ADP
arjefm-76	28	6	a	a	DET
arjefm-76	28	7	number	number	NOUN
arjefm-76	28	8	of	of	ADP
arjefm-76	28	9	channels	channel	NOUN
arjefm-76	28	10	and	and	CCONJ
arjefm-76	28	11	the	the	DET
arjefm-76	28	12	tendency	tendency	NOUN
arjefm-76	28	13	of	of	ADP
arjefm-76	28	14	households	household	NOUN
arjefm-76	28	15	to	to	PART
arjefm-76	28	16	purchase	purchase	VERB
arjefm-76	28	17	,	,	PUNCT
arjefm-76	28	18	and	and	CCONJ
arjefm-76	28	19	it	it	PRON
arjefm-76	28	20	also	also	ADV
arjefm-76	28	21	influences	influence	VERB
arjefm-76	28	22	the	the	DET
arjefm-76	28	23	balance	balance	NOUN
arjefm-76	28	24	sheets	sheet	NOUN
arjefm-76	28	25	of	of	ADP
arjefm-76	28	26	firms	firm	NOUN
arjefm-76	28	27	.	.	PUNCT
arjefm-76	29	1	channels	channel	NOUN
arjefm-76	29	2	affect	affect	VERB
arjefm-76	29	3	the	the	DET
arjefm-76	29	4	purchasing	purchase	VERB
arjefm-76	29	5	power	power	NOUN
arjefm-76	29	6	decisions	decision	NOUN
arjefm-76	29	7	of	of	ADP
arjefm-76	29	8	households	household	NOUN
arjefm-76	29	9	and	and	CCONJ
arjefm-76	29	10	the	the	DET
arjefm-76	29	11	changes	change	NOUN
arjefm-76	29	12	in	in	ADP
arjefm-76	29	13	companies	company	NOUN
arjefm-76	29	14	’	'	PUNCT
arjefm-76	29	15	balance	balance	NOUN
arjefm-76	29	16	sheets	sheet	NOUN
arjefm-76	29	17	through	through	ADP
arjefm-76	29	18	monetary	monetary	ADJ
arjefm-76	29	19	transmission	transmission	NOUN
arjefm-76	29	20	mechanism	mechanism	NOUN
arjefm-76	29	21	.	.	PUNCT
arjefm-76	30	1	phases	phase	NOUN
arjefm-76	30	2	affecting	affect	VERB
arjefm-76	30	3	manufacturing	manufacturing	NOUN
arjefm-76	30	4	industry	industry	NOUN
arjefm-76	30	5	are	be	AUX
arjefm-76	30	6	the	the	DET
arjefm-76	30	7	exchange	exchange	NOUN
arjefm-76	30	8	rate	rate	NOUN
arjefm-76	30	9	channel	channel	PROPN
arjefm-76	30	10	,	,	PUNCT
arjefm-76	30	11	interest	interest	NOUN
arjefm-76	30	12	rate	rate	NOUN
arjefm-76	30	13	channel	channel	PROPN
arjefm-76	30	14	,	,	PUNCT
arjefm-76	30	15	the	the	DET
arjefm-76	30	16	bank	bank	NOUN
arjefm-76	30	17	credit	credit	NOUN
arjefm-76	30	18	channel	channel	NOUN
arjefm-76	30	19	and	and	CCONJ
arjefm-76	30	20	the	the	DET
arjefm-76	30	21	balance	balance	NOUN
arjefm-76	30	22	sheet	sheet	NOUN
arjefm-76	30	23	channel	channel	NOUN
arjefm-76	30	24	.	.	PUNCT
arjefm-76	31	1	2	2	X
arjefm-76	31	2	.	.	X
arjefm-76	31	3	efficiency	efficiency	NOUN
arjefm-76	31	4	analysis	analysis	NOUN
arjefm-76	31	5	of	of	ADP
arjefm-76	31	6	monetary	monetary	ADJ
arjefm-76	31	7	transmission	transmission	NOUN
arjefm-76	31	8	mechanism	mechanism	NOUN
arjefm-76	31	9	2.1	2.1	NUM
arjefm-76	31	10	.	.	PUNCT
arjefm-76	32	1	literature	literature	NOUN
arjefm-76	32	2	review	review	PROPN
arjefm-76	32	3	when	when	SCONJ
arjefm-76	32	4	the	the	DET
arjefm-76	32	5	literature	literature	NOUN
arjefm-76	32	6	is	be	AUX
arjefm-76	32	7	reviewed	review	VERB
arjefm-76	32	8	on	on	ADP
arjefm-76	32	9	the	the	DET
arjefm-76	32	10	monetary	monetary	ADJ
arjefm-76	32	11	transmission	transmission	NOUN
arjefm-76	32	12	mechanism	mechanism	NOUN
arjefm-76	32	13	,	,	PUNCT
arjefm-76	32	14	it	it	PRON
arjefm-76	32	15	is	be	AUX
arjefm-76	32	16	observed	observe	VERB
arjefm-76	32	17	that	that	SCONJ
arjefm-76	32	18	bacchetti	bacchetti	NOUN
arjefm-76	32	19	and	and	CCONJ
arjefm-76	32	20	ballabriga	ballabriga	ADJ
arjefm-76	32	21	(	(	PUNCT
arjefm-76	32	22	2000	2000	NUM
arjefm-76	32	23	)	)	PUNCT
arjefm-76	32	24	have	have	AUX
arjefm-76	32	25	tested	test	VERB
arjefm-76	32	26	the	the	DET
arjefm-76	32	27	data	datum	NOUN
arjefm-76	32	28	for	for	ADP
arjefm-76	32	29	the	the	DET
arjefm-76	32	30	us	us	PROPN
arjefm-76	32	31	and	and	CCONJ
arjefm-76	32	32	13	13	NUM
arjefm-76	32	33	european	european	ADJ
arjefm-76	32	34	countries	country	NOUN
arjefm-76	32	35	and	and	CCONJ
arjefm-76	32	36	have	have	AUX
arjefm-76	32	37	reached	reach	VERB
arjefm-76	32	38	the	the	DET
arjefm-76	32	39	conclusion	conclusion	NOUN
arjefm-76	32	40	that	that	SCONJ
arjefm-76	32	41	banking	banking	NOUN
arjefm-76	32	42	loans	loan	NOUN
arjefm-76	32	43	are	be	AUX
arjefm-76	32	44	affected	affect	VERB
arjefm-76	32	45	by	by	ADP
arjefm-76	32	46	the	the	DET
arjefm-76	32	47	monetary	monetary	ADJ
arjefm-76	32	48	policies	policy	NOUN
arjefm-76	32	49	.	.	PUNCT
arjefm-76	33	1	ferreira	ferreira	PROPN
arjefm-76	33	2	(	(	PUNCT
arjefm-76	33	3	2007	2007	NUM
arjefm-76	33	4	)	)	PUNCT
arjefm-76	33	5	,	,	PUNCT
arjefm-76	33	6	examined	examine	VERB
arjefm-76	33	7	the	the	DET
arjefm-76	33	8	bank	bank	NOUN
arjefm-76	33	9	performance	performance	NOUN
arjefm-76	33	10	of	of	ADP
arjefm-76	33	11	the	the	DET
arjefm-76	33	12	credit	credit	NOUN
arjefm-76	33	13	channels	channel	NOUN
arjefm-76	33	14	for	for	ADP
arjefm-76	33	15	the	the	DET
arjefm-76	33	16	european	european	PROPN
arjefm-76	33	17	monetary	monetary	PROPN
arjefm-76	33	18	union	union	PROPN
arjefm-76	33	19	member	member	NOUN
arjefm-76	33	20	countries	country	NOUN
arjefm-76	33	21	,	,	PUNCT
arjefm-76	33	22	especially	especially	ADV
arjefm-76	33	23	for	for	ADP
arjefm-76	33	24	portugal	portugal	PROPN
arjefm-76	33	25	.	.	PUNCT
arjefm-76	34	1	kashyap	kashyap	PROPN
arjefm-76	34	2	and	and	CCONJ
arjefm-76	34	3	stein	stein	PROPN
arjefm-76	34	4	(	(	PUNCT
arjefm-76	34	5	2000	2000	NUM
arjefm-76	34	6	)	)	PUNCT
arjefm-76	34	7	revealed	reveal	VERB
arjefm-76	34	8	in	in	ADP
arjefm-76	34	9	their	their	PRON
arjefm-76	34	10	studies	study	NOUN
arjefm-76	34	11	that	that	SCONJ
arjefm-76	34	12	small	small	ADJ
arjefm-76	34	13	banks	bank	NOUN
arjefm-76	34	14	have	have	VERB
arjefm-76	34	15	less	less	ADJ
arjefm-76	34	16	liquidity	liquidity	NOUN
arjefm-76	34	17	and	and	CCONJ
arjefm-76	34	18	play	play	VERB
arjefm-76	34	19	a	a	DET
arjefm-76	34	20	greater	great	ADJ
arjefm-76	34	21	role	role	NOUN
arjefm-76	34	22	on	on	ADP
arjefm-76	34	23	credit	credit	NOUN
arjefm-76	34	24	volume	volume	NOUN
arjefm-76	34	25	than	than	ADP
arjefm-76	34	26	their	their	PRON
arjefm-76	34	27	larger	large	ADJ
arjefm-76	34	28	counterparts	counterpart	NOUN
arjefm-76	34	29	.	.	PUNCT
arjefm-76	35	1	kishan	kishan	PROPN
arjefm-76	35	2	and	and	CCONJ
arjefm-76	35	3	opiela	opiela	ADV
arjefm-76	35	4	(	(	PUNCT
arjefm-76	35	5	2000	2000	NUM
arjefm-76	35	6	)	)	PUNCT
arjefm-76	35	7	analysed	analyse	VERB
arjefm-76	35	8	the	the	DET
arjefm-76	35	9	effects	effect	NOUN
arjefm-76	35	10	on	on	ADP
arjefm-76	35	11	credit	credit	NOUN
arjefm-76	35	12	supply	supply	NOUN
arjefm-76	35	13	through	through	ADP
arjefm-76	35	14	bank	bank	NOUN
arjefm-76	35	15	assets	asset	NOUN
arjefm-76	35	16	and	and	CCONJ
arjefm-76	35	17	bank	bank	NOUN
arjefm-76	35	18	capital	capital	NOUN
arjefm-76	35	19	.	.	PUNCT
arjefm-76	36	1	butz	butz	PROPN
arjefm-76	36	2	,	,	PUNCT
arjefm-76	36	3	fuss	fuss	NOUN
arjefm-76	36	4	and	and	CCONJ
arjefm-76	36	5	vermeulen	vermeulen	PROPN
arjefm-76	36	6	(	(	PUNCT
arjefm-76	36	7	2001	2001	NUM
arjefm-76	36	8	)	)	PUNCT
arjefm-76	36	9	used	use	VERB
arjefm-76	36	10	all	all	DET
arjefm-76	36	11	available	available	ADJ
arjefm-76	36	12	industrial	industrial	ADJ
arjefm-76	36	13	databases	database	NOUN
arjefm-76	36	14	within	within	ADP
arjefm-76	36	15	the	the	DET
arjefm-76	36	16	belgian	belgian	ADJ
arjefm-76	36	17	economy	economy	NOUN
arjefm-76	36	18	to	to	PART
arjefm-76	36	19	study	study	VERB
arjefm-76	36	20	the	the	DET
arjefm-76	36	21	effects	effect	NOUN
arjefm-76	36	22	of	of	ADP
arjefm-76	36	23	monetary	monetary	ADJ
arjefm-76	36	24	policy	policy	NOUN
arjefm-76	36	25	on	on	ADP
arjefm-76	36	26	firm	firm	ADJ
arjefm-76	36	27	behaviors	behavior	NOUN
arjefm-76	36	28	.	.	PUNCT
arjefm-76	37	1	disyatat	disyatat	NOUN
arjefm-76	37	2	and	and	CCONJ
arjefm-76	37	3	vongsinsirikul	vongsinsirikul	PROPN
arjefm-76	37	4	(	(	PUNCT
arjefm-76	37	5	2003	2003	NUM
arjefm-76	37	6	)	)	PUNCT
arjefm-76	37	7	have	have	AUX
arjefm-76	37	8	tested	test	VERB
arjefm-76	37	9	the	the	DET
arjefm-76	37	10	data	datum	NOUN
arjefm-76	37	11	for	for	ADP
arjefm-76	37	12	the	the	DET
arjefm-76	37	13	thailand	thailand	PROPN
arjefm-76	37	14	-2001q4	-2001q4	PROPN
arjefm-76	37	15	1993q1	1993q1	NUM
arjefm-76	37	16	period	period	NOUN
arjefm-76	37	17	.	.	PUNCT
arjefm-76	38	1	chirink	chirink	NOUN
arjefm-76	38	2	and	and	CCONJ
arjefm-76	38	3	kalckreuth	kalckreuth	NOUN
arjefm-76	38	4	(	(	PUNCT
arjefm-76	38	5	2003	2003	NUM
arjefm-76	38	6	)	)	PUNCT
arjefm-76	38	7	reviewed	review	VERB
arjefm-76	38	8	the	the	DET
arjefm-76	38	9	interest	interest	NOUN
arjefm-76	38	10	rate	rate	NOUN
arjefm-76	38	11	for	for	ADP
arjefm-76	38	12	fixed	fix	VERB
arjefm-76	38	13	capital	capital	NOUN
arjefm-76	38	14	investment	investment	NOUN
arjefm-76	38	15	firms	firm	NOUN
arjefm-76	38	16	in	in	ADP
arjefm-76	38	17	germany	germany	PROPN
arjefm-76	38	18	to	to	PART
arjefm-76	38	19	determine	determine	VERB
arjefm-76	38	20	the	the	DET
arjefm-76	38	21	importance	importance	NOUN
arjefm-76	38	22	of	of	ADP
arjefm-76	38	23	the	the	DET
arjefm-76	38	24	interest	interest	NOUN
arjefm-76	38	25	rate	rate	NOUN
arjefm-76	38	26	channel	channel	NOUN
arjefm-76	38	27	and	and	CCONJ
arjefm-76	38	28	the	the	DET
arjefm-76	38	29	credit	credit	NOUN
arjefm-76	38	30	channel	channel	NOUN
arjefm-76	38	31	.	.	PUNCT
arjefm-76	39	1	yue	yue	PROPN
arjefm-76	39	2	and	and	CCONJ
arjefm-76	39	3	zhou	zhou	PROPN
arjefm-76	39	4	(	(	PUNCT
arjefm-76	39	5	2007	2007	NUM
arjefm-76	39	6	)	)	PUNCT
arjefm-76	39	7	have	have	AUX
arjefm-76	39	8	tested	test	VERB
arjefm-76	39	9	the	the	DET
arjefm-76	39	10	data	datum	NOUN
arjefm-76	39	11	for	for	ADP
arjefm-76	39	12	china	china	PROPN
arjefm-76	39	13	1996.1	1996.1	NUM
arjefm-76	39	14	2005.8	2005.8	NUM
arjefm-76	39	15	period	period	NOUN
arjefm-76	39	16	.	.	PUNCT
arjefm-76	40	1	2.2	2.2	NUM
arjefm-76	40	2	.	.	PUNCT
arjefm-76	40	3	research	research	NOUN
arjefm-76	40	4	model	model	NOUN
arjefm-76	40	5	this	this	DET
arjefm-76	40	6	section	section	NOUN
arjefm-76	40	7	investigates	investigate	VERB
arjefm-76	40	8	which	which	DET
arjefm-76	40	9	channels	channel	NOUN
arjefm-76	40	10	are	be	AUX
arjefm-76	40	11	active	active	ADJ
arjefm-76	40	12	in	in	ADP
arjefm-76	40	13	the	the	DET
arjefm-76	40	14	monetary	monetary	ADJ
arjefm-76	40	15	transmission	transmission	NOUN
arjefm-76	40	16	mechanism	mechanism	NOUN
arjefm-76	40	17	in	in	ADP
arjefm-76	40	18	turkey	turkey	NOUN
arjefm-76	40	19	.	.	PUNCT
arjefm-76	41	1	in	in	ADP
arjefm-76	41	2	order	order	NOUN
arjefm-76	41	3	to	to	PART
arjefm-76	41	4	examine	examine	VERB
arjefm-76	41	5	the	the	DET
arjefm-76	41	6	effectiveness	effectiveness	NOUN
arjefm-76	41	7	of	of	ADP
arjefm-76	41	8	the	the	DET
arjefm-76	41	9	monetary	monetary	ADJ
arjefm-76	41	10	transmission	transmission	NOUN
arjefm-76	41	11	mechanism	mechanism	NOUN
arjefm-76	41	12	,	,	PUNCT
arjefm-76	41	13	as	as	SCONJ
arjefm-76	41	14	it	it	PRON
arjefm-76	41	15	is	be	AUX
arjefm-76	41	16	a	a	DET
arjefm-76	41	17	widely	widely	ADV
arjefm-76	41	18	used	use	VERB
arjefm-76	41	19	method	method	NOUN
arjefm-76	41	20	in	in	ADP
arjefm-76	41	21	the	the	DET
arjefm-76	41	22	literature	literature	NOUN
arjefm-76	41	23	and	and	CCONJ
arjefm-76	41	24	provides	provide	VERB
arjefm-76	41	25	reliable	reliable	ADJ
arjefm-76	41	26	results	result	NOUN
arjefm-76	41	27	,	,	PUNCT
arjefm-76	41	28	var	var	NOUN
arjefm-76	41	29	analysis	analysis	NOUN
arjefm-76	41	30	method	method	NOUN
arjefm-76	41	31	is	be	AUX
arjefm-76	41	32	utilized	utilize	VERB
arjefm-76	41	33	.	.	PUNCT
arjefm-76	42	1	this	this	DET
arjefm-76	42	2	study	study	NOUN
arjefm-76	42	3	aims	aim	VERB
arjefm-76	42	4	to	to	PART
arjefm-76	42	5	determine	determine	VERB
arjefm-76	42	6	whether	whether	SCONJ
arjefm-76	42	7	the	the	DET
arjefm-76	42	8	monetary	monetary	ADJ
arjefm-76	42	9	policies	policy	NOUN
arjefm-76	42	10	used	use	VERB
arjefm-76	42	11	in	in	ADP
arjefm-76	42	12	turkey	turkey	NOUN
arjefm-76	42	13	after	after	SCONJ
arjefm-76	42	14	1990s	1990s	NUM
arjefm-76	42	15	have	have	AUX
arjefm-76	42	16	affected	affect	VERB
arjefm-76	42	17	economic	economic	ADJ
arjefm-76	42	18	development	development	NOUN
arjefm-76	42	19	.	.	PUNCT
arjefm-76	43	1	if	if	SCONJ
arjefm-76	43	2	they	they	PRON
arjefm-76	43	3	have	have	AUX
arjefm-76	43	4	done	do	VERB
arjefm-76	43	5	so	so	ADV
arjefm-76	43	6	,	,	PUNCT
arjefm-76	43	7	it	it	PRON
arjefm-76	43	8	will	will	AUX
arjefm-76	43	9	discuss	discuss	VERB
arjefm-76	43	10	how	how	SCONJ
arjefm-76	43	11	long	long	ADV
arjefm-76	43	12	these	these	DET
arjefm-76	43	13	effects	effect	NOUN
arjefm-76	43	14	last	last	ADJ
arjefm-76	43	15	.	.	PUNCT
arjefm-76	44	1	monthly	monthly	ADJ
arjefm-76	44	2	time	time	NOUN
arjefm-76	44	3	series	series	NOUN
arjefm-76	44	4	were	be	AUX
arjefm-76	44	5	used	use	VERB
arjefm-76	44	6	,	,	PUNCT
arjefm-76	44	7	covering	cover	VERB
arjefm-76	44	8	the	the	DET
arjefm-76	44	9	period	period	NOUN
arjefm-76	44	10	january	january	PROPN
arjefm-76	44	11	1990	1990	NUM
arjefm-76	44	12	to	to	ADP
arjefm-76	44	13	july	july	PROPN
arjefm-76	44	14	2011	2011	NUM
arjefm-76	44	15	.	.	PUNCT
arjefm-76	45	1	the	the	DET
arjefm-76	45	2	variables	variable	NOUN
arjefm-76	45	3	used	use	VERB
arjefm-76	45	4	in	in	ADP
arjefm-76	45	5	the	the	DET
arjefm-76	45	6	model	model	NOUN
arjefm-76	45	7	are	be	AUX
arjefm-76	45	8	selected	select	VERB
arjefm-76	45	9	for	for	ADP
arjefm-76	45	10	representing	represent	VERB
arjefm-76	45	11	the	the	DET
arjefm-76	45	12	operation	operation	NOUN
arjefm-76	45	13	of	of	ADP
arjefm-76	45	14	the	the	DET
arjefm-76	45	15	monetary	monetary	ADJ
arjefm-76	45	16	transmission	transmission	NOUN
arjefm-76	45	17	mechanism	mechanism	NOUN
arjefm-76	45	18	.	.	PUNCT
arjefm-76	46	1	our	our	PRON
arjefm-76	46	2	dependent	dependent	ADJ
arjefm-76	46	3	variable	variable	NOUN
arjefm-76	46	4	is	be	AUX
arjefm-76	46	5	money	money	NOUN
arjefm-76	46	6	supply	supply	NOUN
arjefm-76	46	7	(	(	PUNCT
arjefm-76	46	8	m1	m1	NOUN
arjefm-76	46	9	)	)	PUNCT
arjefm-76	46	10	.	.	PUNCT
arjefm-76	47	1	m1	m1	PROPN
arjefm-76	47	2	is	be	AUX
arjefm-76	47	3	represented	represent	VERB
arjefm-76	47	4	as	as	ADP
arjefm-76	47	5	the	the	DET
arjefm-76	47	6	cash	cash	NOUN
arjefm-76	47	7	in	in	ADP
arjefm-76	47	8	circulation	circulation	NOUN
arjefm-76	47	9	and	and	CCONJ
arjefm-76	47	10	defined	define	VERB
arjefm-76	47	11	as	as	ADP
arjefm-76	47	12	the	the	DET
arjefm-76	47	13	sum	sum	NOUN
arjefm-76	47	14	of	of	ADP
arjefm-76	47	15	deposits	deposit	NOUN
arjefm-76	47	16	in	in	ADP
arjefm-76	47	17	demand	demand	NOUN
arjefm-76	47	18	deposits	deposit	NOUN
arjefm-76	47	19	in	in	ADP
arjefm-76	47	20	commercial	commercial	ADJ
arjefm-76	47	21	banks	bank	NOUN
arjefm-76	47	22	and	and	CCONJ
arjefm-76	47	23	central	central	ADJ
arjefm-76	47	24	banks	bank	NOUN
arjefm-76	47	25	.	.	PUNCT
arjefm-76	48	1	as	as	ADP
arjefm-76	48	2	an	an	DET
arjefm-76	48	3	indicators	indicator	NOUN
arjefm-76	48	4	of	of	ADP
arjefm-76	48	5	monetary	monetary	ADJ
arjefm-76	48	6	policy	policy	NOUN
arjefm-76	48	7	we	we	PRON
arjefm-76	48	8	used	use	VERB
arjefm-76	48	9	,	,	PUNCT
arjefm-76	48	10	inter	inter	ADJ
arjefm-76	48	11	-	-	ADJ
arjefm-76	48	12	bank	bank	ADJ
arjefm-76	48	13	interest	interest	NOUN
arjefm-76	48	14	rate	rate	NOUN
arjefm-76	48	15	on	on	ADP
arjefm-76	48	16	the	the	DET
arjefm-76	48	17	market	market	NOUN
arjefm-76	48	18	(	(	PUNCT
arjefm-76	48	19	overnight	overnight	ADV
arjefm-76	48	20	(	(	PUNCT
arjefm-76	48	21	o	o	NOUN
arjefm-76	48	22	/	/	SYM
arjefm-76	48	23	n	n	CCONJ
arjefm-76	48	24	)	)	PUNCT
arjefm-76	48	25	)	)	PUNCT
arjefm-76	48	26	,	,	PUNCT
arjefm-76	48	27	the	the	DET
arjefm-76	48	28	istanbul	istanbul	PROPN
arjefm-76	48	29	stock	stock	PROPN
arjefm-76	48	30	exchange	exchange	PROPN
arjefm-76	48	31	national	national	ADJ
arjefm-76	48	32	100	100	NUM
arjefm-76	48	33	index	index	NOUN
arjefm-76	48	34	,	,	PUNCT
arjefm-76	48	35	the	the	DET
arjefm-76	48	36	sum	sum	NOUN
arjefm-76	48	37	of	of	ADP
arjefm-76	48	38	domestic	domestic	ADJ
arjefm-76	48	39	loans	loan	NOUN
arjefm-76	48	40	in	in	ADP
arjefm-76	48	41	the	the	DET
arjefm-76	48	42	banking	banking	NOUN
arjefm-76	48	43	sector	sector	NOUN
arjefm-76	48	44	(	(	PUNCT
arjefm-76	48	45	in	in	ADP
arjefm-76	48	46	tl	tl	PROPN
arjefm-76	48	47	)	)	PUNCT
arjefm-76	48	48	,	,	PUNCT
arjefm-76	48	49	usd	usd	NOUN
arjefm-76	48	50	buying	buying	NOUN
arjefm-76	48	51	exchange	exchange	NOUN
arjefm-76	48	52	rate	rate	NOUN
arjefm-76	48	53	,	,	PUNCT
arjefm-76	48	54	consumer	consumer	NOUN
arjefm-76	48	55	price	price	NOUN
arjefm-76	48	56	index	index	NOUN
arjefm-76	48	57	as	as	ADP
arjefm-76	48	58	the	the	DET
arjefm-76	48	59	inflation	inflation	NOUN
arjefm-76	48	60	rate	rate	NOUN
arjefm-76	48	61	(	(	PUNCT
arjefm-76	48	62	cpi	cpi	PROPN
arjefm-76	48	63	)	)	PUNCT
arjefm-76	48	64	,	,	PUNCT
arjefm-76	48	65	and	and	CCONJ
arjefm-76	48	66	for	for	ADP
arjefm-76	48	67	the	the	DET
arjefm-76	48	68	real	real	ADJ
arjefm-76	48	69	sector	sector	NOUN
arjefm-76	48	70	;	;	PUNCT
arjefm-76	48	71	the	the	DET
arjefm-76	48	72	industrial	industrial	ADJ
arjefm-76	48	73	production	production	NOUN
arjefm-76	48	74	index	index	NOUN
arjefm-76	48	75	(	(	PUNCT
arjefm-76	48	76	ipi	ipi	PROPN
arjefm-76	48	77	)	)	PUNCT
arjefm-76	48	78	used	use	VERB
arjefm-76	48	79	.	.	PUNCT
arjefm-76	49	1	detailed	detailed	ADJ
arjefm-76	49	2	description	description	NOUN
arjefm-76	49	3	of	of	ADP
arjefm-76	49	4	the	the	DET
arjefm-76	49	5	variables	variable	NOUN
arjefm-76	49	6	and	and	CCONJ
arjefm-76	49	7	parameters	parameter	NOUN
arjefm-76	49	8	used	use	VERB
arjefm-76	49	9	in	in	ADP
arjefm-76	49	10	the	the	DET
arjefm-76	49	11	model	model	NOUN
arjefm-76	49	12	and	and	CCONJ
arjefm-76	49	13	their	their	PRON
arjefm-76	49	14	symbols	symbol	NOUN
arjefm-76	49	15	are	be	AUX
arjefm-76	49	16	shown	show	VERB
arjefm-76	49	17	in	in	ADP
arjefm-76	49	18	table	table	NOUN
arjefm-76	49	19	1	1	NUM
arjefm-76	49	20	.	.	PUNCT
arjefm-76	50	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-76	50	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-76	51	1	american	american	PROPN
arjefm-76	51	2	research	research	PROPN
arjefm-76	51	3	journal	journal	PROPN
arjefm-76	51	4	of	of	ADP
arjefm-76	51	5	economics	economic	NOUN
arjefm-76	51	6	,	,	PUNCT
arjefm-76	51	7	finance	finance	NOUN
arjefm-76	51	8	and	and	CCONJ
arjefm-76	51	9	management	management	NOUN
arjefm-76	51	10	volume	volume	NOUN
arjefm-76	51	11	11	11	NUM
arjefm-76	51	12	issue	issue	NOUN
arjefm-76	51	13	1	1	NUM
arjefm-76	51	14	,	,	PUNCT
arjefm-76	51	15	january	january	PROPN
arjefm-76	51	16	-	-	PUNCT
arjefm-76	51	17	march	march	PROPN
arjefm-76	51	18	2023	2023	NUM
arjefm-76	51	19	issn	issn	NOUN
arjefm-76	51	20	:	:	PUNCT
arjefm-76	51	21	2836	2836	NUM
arjefm-76	51	22	-	-	SYM
arjefm-76	51	23	9416	9416	NUM
arjefm-76	51	24	impact	impact	NOUN
arjefm-76	51	25	factor	factor	NOUN
arjefm-76	51	26	:	:	PUNCT
arjefm-76	51	27	5.57	5.57	NUM
arjefm-76	51	28	journal	journal	NOUN
arjefm-76	51	29	homepage	homepage	NOUN
arjefm-76	51	30	:	:	PUNCT
arjefm-76	51	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-76	51	32	,	,	PUNCT
arjefm-76	51	33	email	email	NOUN
arjefm-76	51	34	:	:	PUNCT
arjefm-76	52	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-76	52	2	official	official	ADJ
arjefm-76	52	3	journal	journal	PROPN
arjefm-76	52	4	of	of	ADP
arjefm-76	52	5	america	america	PROPN
arjefm-76	52	6	serial	serial	PROPN
arjefm-76	52	7	publication	publication	NOUN
arjefm-76	52	8	american	american	PROPN
arjefm-76	52	9	research	research	PROPN
arjefm-76	52	10	journal	journal	PROPN
arjefm-76	52	11	of	of	ADP
arjefm-76	52	12	economics	economic	NOUN
arjefm-76	52	13	,	,	PUNCT
arjefm-76	52	14	finance	finance	NOUN
arjefm-76	52	15	and	and	CCONJ
arjefm-76	52	16	management	management	NOUN
arjefm-76	52	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-76	52	18	,	,	PUNCT
arjefm-76	52	19	email	email	NOUN
arjefm-76	52	20	:	:	PUNCT
arjefm-76	52	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-76	53	1	16	16	NUM
arjefm-76	54	1	|	|	ADV
arjefm-76	54	2	p	p	X
arjefm-76	54	3	a	a	DET
arjefm-76	54	4	g	g	NOUN
arjefm-76	54	5	e	e	NOUN
arjefm-76	54	6	table	table	NOUN
arjefm-76	54	7	1	1	NUM
arjefm-76	54	8	.	.	PUNCT
arjefm-76	55	1	variables	variables	PROPN
arjefm-76	55	2	m1	m1	PROPN
arjefm-76	55	3	money	money	NOUN
arjefm-76	55	4	supply	supply	NOUN
arjefm-76	55	5	tl	tl	PROPN
arjefm-76	55	6	interest	interest	NOUN
arjefm-76	55	7	interbank	interbank	NOUN
arjefm-76	55	8	overnight	overnight	ADV
arjefm-76	55	9	simple	simple	ADJ
arjefm-76	55	10	weighted	weight	VERB
arjefm-76	55	11	average	average	ADJ
arjefm-76	55	12	interest	interest	NOUN
arjefm-76	55	13	rate	rate	NOUN
arjefm-76	55	14	monthly	monthly	ADJ
arjefm-76	55	15	(	(	PUNCT
arjefm-76	55	16	%	%	NOUN
arjefm-76	55	17	)	)	PUNCT
arjefm-76	55	18	bist	bist	NOUN
arjefm-76	55	19	national	national	ADJ
arjefm-76	55	20	100	100	NUM
arjefm-76	55	21	index	index	NOUN
arjefm-76	55	22	(	(	PUNCT
arjefm-76	55	23	1986	1986	NUM
arjefm-76	55	24	=	=	SYM
arjefm-76	55	25	100	100	NUM
arjefm-76	55	26	)	)	PUNCT
arjefm-76	55	27	credit	credit	NOUN
arjefm-76	55	28	total	total	NOUN
arjefm-76	55	29	domestic	domestic	ADJ
arjefm-76	55	30	banking	banking	NOUN
arjefm-76	55	31	sector	sector	NOUN
arjefm-76	55	32	tl	tl	PROPN
arjefm-76	55	33	loans	loans	PROPN
arjefm-76	55	34	exchange	exchange	PROPN
arjefm-76	55	35	rate	rate	PROPN
arjefm-76	55	36	central	central	PROPN
arjefm-76	55	37	bank	bank	NOUN
arjefm-76	55	38	buying	buying	NOUN
arjefm-76	55	39	exchange	exchange	NOUN
arjefm-76	55	40	rate	rate	NOUN
arjefm-76	55	41	cpi	cpi	PROPN
arjefm-76	55	42	consumer	consumer	NOUN
arjefm-76	55	43	price	price	NOUN
arjefm-76	55	44	index	index	NOUN
arjefm-76	55	45	monthly	monthly	ADJ
arjefm-76	55	46	change	change	NOUN
arjefm-76	55	47	(	(	PUNCT
arjefm-76	55	48	%	%	INTJ
arjefm-76	55	49	)	)	PUNCT
arjefm-76	55	50	ipi	ipi	PROPN
arjefm-76	55	51	industrial	industrial	ADJ
arjefm-76	55	52	production	production	NOUN
arjefm-76	55	53	index	index	NOUN
arjefm-76	55	54	in	in	ADP
arjefm-76	55	55	this	this	DET
arjefm-76	55	56	study	study	NOUN
arjefm-76	55	57	,	,	PUNCT
arjefm-76	55	58	/	/	SYM
arjefm-76	55	59	e	e	NOUN
arjefm-76	55	60	-	-	NOUN
arjefm-76	55	61	views	views	ADJ
arjefm-76	55	62	econometrics	econometrics	NOUN
arjefm-76	55	63	software	software	NOUN
arjefm-76	55	64	package	package	NOUN
arjefm-76	55	65	was	be	AUX
arjefm-76	55	66	used	use	VERB
arjefm-76	55	67	to	to	PART
arjefm-76	55	68	determine	determine	VERB
arjefm-76	55	69	the	the	DET
arjefm-76	55	70	time	time	NOUN
arjefm-76	55	71	-	-	PUNCT
arjefm-76	55	72	series	series	NOUN
arjefm-76	55	73	properties	property	NOUN
arjefm-76	55	74	of	of	ADP
arjefm-76	55	75	the	the	DET
arjefm-76	55	76	data	datum	NOUN
arjefm-76	55	77	related	relate	VERB
arjefm-76	55	78	to	to	ADP
arjefm-76	55	79	the	the	DET
arjefm-76	55	80	variables	variable	NOUN
arjefm-76	55	81	.	.	PUNCT
arjefm-76	56	1	to	to	PART
arjefm-76	56	2	bring	bring	VERB
arjefm-76	56	3	all	all	DET
arjefm-76	56	4	variables	variable	NOUN
arjefm-76	56	5	to	to	ADP
arjefm-76	56	6	the	the	DET
arjefm-76	56	7	same	same	ADJ
arjefm-76	56	8	level	level	NOUN
arjefm-76	56	9	,	,	PUNCT
arjefm-76	56	10	logarithm1was	logarithm1wa	VERB
arjefm-76	56	11	used	use	VERB
arjefm-76	56	12	and	and	CCONJ
arjefm-76	56	13	the	the	DET
arjefm-76	56	14	first	first	ADJ
arjefm-76	56	15	difference	difference	NOUN
arjefm-76	56	16	of	of	ADP
arjefm-76	56	17	the	the	DET
arjefm-76	56	18	logarithmic	logarithmic	ADJ
arjefm-76	56	19	time	time	NOUN
arjefm-76	56	20	series	series	NOUN
arjefm-76	56	21	were	be	AUX
arjefm-76	56	22	calculated	calculate	VERB
arjefm-76	56	23	.	.	PUNCT
arjefm-76	57	1	therefore	therefore	ADV
arjefm-76	57	2	,	,	PUNCT
arjefm-76	57	3	these	these	DET
arjefm-76	57	4	variables	variable	NOUN
arjefm-76	57	5	are	be	AUX
arjefm-76	57	6	set	set	VERB
arjefm-76	57	7	to	to	ADP
arjefm-76	57	8	the	the	DET
arjefm-76	57	9	same	same	ADJ
arjefm-76	57	10	level	level	NOUN
arjefm-76	57	11	.	.	PUNCT
arjefm-76	58	1	all	all	DET
arjefm-76	58	2	variables	variable	NOUN
arjefm-76	58	3	were	be	AUX
arjefm-76	58	4	seasonally	seasonally	ADV
arjefm-76	58	5	adjusted	adjust	VERB
arjefm-76	58	6	by	by	ADP
arjefm-76	58	7	using	use	VERB
arjefm-76	58	8	the	the	DET
arjefm-76	58	9	moving	move	VERB
arjefm-76	58	10	average	average	ADJ
arjefm-76	58	11	method	method	NOUN
arjefm-76	58	12	.	.	PUNCT
arjefm-76	59	1	the	the	DET
arjefm-76	59	2	seasonally	seasonally	ADV
arjefm-76	59	3	adjusted	adjust	VERB
arjefm-76	59	4	time	time	NOUN
arjefm-76	59	5	series	series	NOUN
arjefm-76	59	6	received	receive	VERB
arjefm-76	59	7	"	"	PUNCT
arjefm-76	59	8	sa	sa	PROPN
arjefm-76	59	9	"	"	PUNCT
arjefm-76	59	10	letters	letter	NOUN
arjefm-76	59	11	at	at	ADP
arjefm-76	59	12	the	the	DET
arjefm-76	59	13	end	end	NOUN
arjefm-76	59	14	of	of	ADP
arjefm-76	59	15	the	the	DET
arjefm-76	59	16	each	each	DET
arjefm-76	59	17	variable	variable	ADJ
arjefm-76	59	18	representation	representation	NOUN
arjefm-76	59	19	,	,	PUNCT
arjefm-76	59	20	the	the	DET
arjefm-76	59	21	unstable	unstable	ADJ
arjefm-76	59	22	variables	variable	NOUN
arjefm-76	59	23	and	and	CCONJ
arjefm-76	59	24	the	the	DET
arjefm-76	59	25	variables	variable	NOUN
arjefm-76	59	26	that	that	PRON
arjefm-76	59	27	were	be	AUX
arjefm-76	59	28	adjusted	adjust	VERB
arjefm-76	59	29	to	to	PART
arjefm-76	59	30	be	be	AUX
arjefm-76	59	31	stationary	stationary	ADJ
arjefm-76	59	32	by	by	ADP
arjefm-76	59	33	taking	take	VERB
arjefm-76	59	34	their	their	PRON
arjefm-76	59	35	first	first	ADJ
arjefm-76	59	36	differences	difference	NOUN
arjefm-76	59	37	labeled	label	VERB
arjefm-76	59	38	with	with	ADP
arjefm-76	59	39	"	"	PUNCT
arjefm-76	59	40	d	d	NOUN
arjefm-76	59	41	"	"	PUNCT
arjefm-76	59	42	letter	letter	NOUN
arjefm-76	59	43	at	at	ADP
arjefm-76	59	44	the	the	DET
arjefm-76	59	45	beginning	beginning	NOUN
arjefm-76	59	46	of	of	ADP
arjefm-76	59	47	the	the	DET
arjefm-76	59	48	each	each	DET
arjefm-76	59	49	variable	variable	ADJ
arjefm-76	59	50	representation	representation	NOUN
arjefm-76	59	51	.	.	PUNCT
arjefm-76	60	1	2.3	2.3	NUM
arjefm-76	60	2	.	.	PUNCT
arjefm-76	60	3	working	work	VERB
arjefm-76	60	4	m1	m1	PROPN
arjefm-76	60	5	money	money	NOUN
arjefm-76	60	6	supply	supply	NOUN
arjefm-76	60	7	model	model	NOUN
arjefm-76	60	8	factors	factor	NOUN
arjefm-76	60	9	affecting	affect	VERB
arjefm-76	60	10	economic	economic	ADJ
arjefm-76	60	11	variables	variable	NOUN
arjefm-76	60	12	sometimes	sometimes	ADV
arjefm-76	60	13	create	create	VERB
arjefm-76	60	14	lasting	last	VERB
arjefm-76	60	15	variability	variability	NOUN
arjefm-76	60	16	in	in	ADP
arjefm-76	60	17	the	the	DET
arjefm-76	60	18	trends	trend	NOUN
arjefm-76	60	19	of	of	ADP
arjefm-76	60	20	variables	variable	NOUN
arjefm-76	60	21	.	.	PUNCT
arjefm-76	61	1	these	these	DET
arjefm-76	61	2	changes	change	NOUN
arjefm-76	61	3	may	may	AUX
arjefm-76	61	4	be	be	AUX
arjefm-76	61	5	caused	cause	VERB
arjefm-76	61	6	by	by	ADP
arjefm-76	61	7	the	the	DET
arjefm-76	61	8	impact	impact	NOUN
arjefm-76	61	9	of	of	ADP
arjefm-76	61	10	technological	technological	ADJ
arjefm-76	61	11	developments	development	NOUN
arjefm-76	61	12	and	and	CCONJ
arjefm-76	61	13	events	event	NOUN
arjefm-76	61	14	,	,	PUNCT
arjefm-76	61	15	such	such	ADJ
arjefm-76	61	16	as	as	ADP
arjefm-76	61	17	political	political	ADJ
arjefm-76	61	18	changes	change	NOUN
arjefm-76	61	19	.	.	PUNCT
arjefm-76	62	1	the	the	DET
arjefm-76	62	2	following	follow	VERB
arjefm-76	62	3	figure	figure	NOUN
arjefm-76	62	4	shows	show	VERB
arjefm-76	62	5	the	the	DET
arjefm-76	62	6	structural	structural	ADJ
arjefm-76	62	7	break	break	NOUN
arjefm-76	62	8	of	of	ADP
arjefm-76	62	9	our	our	PRON
arjefm-76	62	10	model	model	NOUN
arjefm-76	62	11	.	.	PUNCT
arjefm-76	63	1	figure	figure	NOUN
arjefm-76	63	2	1	1	NUM
arjefm-76	63	3	.	.	PUNCT
arjefm-76	63	4	structural	structural	ADJ
arjefm-76	63	5	break	break	NOUN
arjefm-76	63	6	graphics	graphic	NOUN
arjefm-76	63	7	our	our	PRON
arjefm-76	63	8	model	model	NOUN
arjefm-76	63	9	are	be	AUX
arjefm-76	63	10	trying	try	VERB
arjefm-76	63	11	to	to	PART
arjefm-76	63	12	create	create	VERB
arjefm-76	63	13	a	a	DET
arjefm-76	63	14	model	model	NOUN
arjefm-76	63	15	by	by	ADP
arjefm-76	63	16	using	use	VERB
arjefm-76	63	17	the	the	DET
arjefm-76	63	18	entire	entire	ADJ
arjefm-76	63	19	period	period	NOUN
arjefm-76	63	20	data	datum	NOUN
arjefm-76	63	21	that	that	PRON
arjefm-76	63	22	is	be	AUX
arjefm-76	63	23	estimated	estimate	VERB
arjefm-76	63	24	from	from	ADP
arjefm-76	63	25	monetary	monetary	ADJ
arjefm-76	63	26	policy	policy	NOUN
arjefm-76	63	27	applications	application	NOUN
arjefm-76	63	28	from	from	ADP
arjefm-76	63	29	the	the	DET
arjefm-76	63	30	internal	internal	ADJ
arjefm-76	63	31	crisis	crisis	NOUN
arjefm-76	63	32	(	(	PUNCT
arjefm-76	63	33	1994	1994	NUM
arjefm-76	63	34	,	,	PUNCT
arjefm-76	63	35	2000	2000	NUM
arjefm-76	63	36	and	and	CCONJ
arjefm-76	63	37	2001	2001	NUM
arjefm-76	63	38	crises	crisis	NOUN
arjefm-76	63	39	)	)	PUNCT
arjefm-76	63	40	and	and	CCONJ
arjefm-76	63	41	external	external	ADJ
arjefm-76	63	42	shocks	shock	NOUN
arjefm-76	63	43	(	(	PUNCT
arjefm-76	63	44	asian	asian	ADJ
arjefm-76	63	45	crisis	crisis	NOUN
arjefm-76	63	46	,	,	PUNCT
arjefm-76	63	47	the	the	DET
arjefm-76	63	48	russian	russian	ADJ
arjefm-76	63	49	crisis	crisis	NOUN
arjefm-76	63	50	,	,	PUNCT
arjefm-76	63	51	the	the	DET
arjefm-76	63	52	brazilian	brazilian	ADJ
arjefm-76	63	53	crisis	crisis	NOUN
arjefm-76	63	54	)	)	PUNCT
arjefm-76	63	55	.	.	PUNCT
arjefm-76	64	1	the	the	DET
arjefm-76	64	2	effects	effect	NOUN
arjefm-76	64	3	can	can	AUX
arjefm-76	64	4	be	be	AUX
arjefm-76	64	5	expressed	express	VERB
arjefm-76	64	6	as	as	SCONJ
arjefm-76	64	7	the	the	DET
arjefm-76	64	8	structural	structural	ADJ
arjefm-76	64	9	breaks	break	NOUN
arjefm-76	64	10	observed	observe	VERB
arjefm-76	64	11	.	.	PUNCT
arjefm-76	65	1	structural	structural	ADJ
arjefm-76	65	2	break	break	NOUN
arjefm-76	65	3	was	be	AUX
arjefm-76	65	4	corrected	correct	VERB
arjefm-76	65	5	using	use	VERB
arjefm-76	65	6	dummy	dummy	ADJ
arjefm-76	65	7	variables	variable	NOUN
arjefm-76	65	8	.	.	PUNCT
arjefm-76	66	1	models	model	NOUN
arjefm-76	66	2	and	and	CCONJ
arjefm-76	66	3	graphics	graphic	NOUN
arjefm-76	66	4	found	find	VERB
arjefm-76	66	5	using	use	VERB
arjefm-76	66	6	dummy	dummy	ADJ
arjefm-76	66	7	variables	variable	NOUN
arjefm-76	66	8	are	be	AUX
arjefm-76	66	9	listed	list	VERB
arjefm-76	66	10	below	below	ADV
arjefm-76	66	11	.	.	PUNCT
arjefm-76	67	1	dummy	dummy	ADJ
arjefm-76	67	2	variable	variable	NOUN
arjefm-76	67	3	(	(	PUNCT
arjefm-76	67	4	dk	dk	PROPN
arjefm-76	67	5	)	)	PUNCT
arjefm-76	67	6	i	i	PROPN
arjefm-76	67	7	,	,	PUNCT
arjefm-76	67	8	1990	1990	NUM
arjefm-76	67	9	december	december	PROPN
arjefm-76	67	10	2001	2001	NUM
arjefm-76	67	11	january	january	PROPN
arjefm-76	67	12	0	0	NUM
arjefm-76	67	13	,	,	PUNCT
arjefm-76	67	14	2002	2002	NUM
arjefm-76	67	15	january	january	PROPN
arjefm-76	67	16	may	may	PROPN
arjefm-76	67	17	2004	2004	NUM
arjefm-76	67	18	1	1	NUM
arjefm-76	67	19	,	,	PUNCT
arjefm-76	67	20	2004	2004	NUM
arjefm-76	67	21	and	and	CCONJ
arjefm-76	67	22	june	june	PROPN
arjefm-76	67	23	0	0	NUM
arjefm-76	67	24	,	,	PUNCT
arjefm-76	67	25	2004	2004	NUM
arjefm-76	67	26	july	july	PROPN
arjefm-76	67	27	2004	2004	NUM
arjefm-76	67	28	november	november	PROPN
arjefm-76	67	29	1	1	NUM
arjefm-76	67	30	,	,	PUNCT
arjefm-76	67	31	2004	2004	NUM
arjefm-76	67	32	from	from	ADP
arjefm-76	67	33	december	december	PROPN
arjefm-76	67	34	2005	2005	NUM
arjefm-76	67	35	to	to	ADP
arjefm-76	67	36	january	january	PROPN
arjefm-76	67	37	0	0	NUM
arjefm-76	67	38	,	,	PUNCT
arjefm-76	67	39	2005	2005	NUM
arjefm-76	67	40	february	february	PROPN
arjefm-76	67	41	-	-	PUNCT
arjefm-76	67	42	july	july	PROPN
arjefm-76	67	43	2011	2011	NUM
arjefm-76	67	44	,	,	PUNCT
arjefm-76	67	45	by	by	ADP
arjefm-76	67	46	putting	put	VERB
arjefm-76	67	47	the	the	DET
arjefm-76	67	48	value	value	NOUN
arjefm-76	67	49	of	of	ADP
arjefm-76	67	50	1	1	NUM
arjefm-76	67	51	.	.	SYM
arjefm-76	67	52	1	1	NUM
arjefm-76	67	53	log	log	NOUN
arjefm-76	67	54	(	(	PUNCT
arjefm-76	67	55	)	)	PUNCT
arjefm-76	67	56	log	log	NOUN
arjefm-76	67	57	(	(	PUNCT
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arjefm-76	90	22	model	model	NOUN
arjefm-76	90	23	are	be	AUX
arjefm-76	90	24	given	give	VERB
arjefm-76	90	25	in	in	ADP
arjefm-76	90	26	table	table	NOUN
arjefm-76	90	27	3	3	NUM
arjefm-76	90	28	.	.	PUNCT
arjefm-76	91	1	the	the	DET
arjefm-76	91	2	results	result	NOUN
arjefm-76	91	3	symbolized	symbolize	VERB
arjefm-76	91	4	with	with	ADP
arjefm-76	91	5	''	''	PUNCT
arjefm-76	91	6	*	*	PUNCT
arjefm-76	91	7	''	''	PUNCT
arjefm-76	91	8	related	relate	VERB
arjefm-76	91	9	to	to	ADP
arjefm-76	91	10	testing	testing	NOUN
arjefm-76	91	11	show	show	VERB
arjefm-76	91	12	the	the	DET
arjefm-76	91	13	appropriate	appropriate	ADJ
arjefm-76	91	14	lag	lag	NOUN
arjefm-76	91	15	length	length	NOUN
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arjefm-76	92	2	.	.	PUNCT
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arjefm-76	93	2	the	the	DET
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arjefm-76	93	4	order	order	NOUN
arjefm-76	93	5	criteria	criterion	NOUN
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arjefm-76	93	7	lag	lag	NOUN
arjefm-76	93	8	order	order	NOUN
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arjefm-76	93	10	criteria	criterion	NOUN
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arjefm-76	93	13	:	:	PUNCT
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arjefm-76	93	20	logipisa	logipisa	VERB
arjefm-76	93	21	exogenous	exogenous	ADJ
arjefm-76	93	22	variables	variable	NOUN
arjefm-76	93	23	:	:	PUNCT
arjefm-76	93	24	c	c	NOUN
arjefm-76	93	25	sample	sample	NOUN
arjefm-76	93	26	:	:	PUNCT
arjefm-76	93	27	1990m01	1990m01	PROPN
arjefm-76	93	28	2011m11	2011m11	NUM
arjefm-76	93	29	included	include	VERB
arjefm-76	93	30	observations	observation	NOUN
arjefm-76	93	31	:	:	PUNCT
arjefm-76	93	32	244	244	NUM
arjefm-76	93	33	lag	lag	NOUN
arjefm-76	93	34	logl	logl	NOUN
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arjefm-76	93	36	fpe	fpe	PROPN
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arjefm-76	93	38	sc	sc	PROPN
arjefm-76	93	39	hq	hq	PROPN
arjefm-76	93	40	0	0	NUM
arjefm-76	94	1	-984.6632	-984.6632	CCONJ
arjefm-76	94	2	na	na	ADP
arjefm-76	95	1	7.99e-06	7.99e-06	NUM
arjefm-76	95	2	8.128387	8.128387	NUM
arjefm-76	95	3	8.228716	8.228716	NUM
arjefm-76	95	4	8.168794	8.168794	NUM
arjefm-76	95	5	1	1	NUM
arjefm-76	95	6	1690.345	1690.345	NUM
arjefm-76	95	7	5174.606	5174.606	NUM
arjefm-76	95	8	3.59e-15	3.59e-15	NUM
arjefm-76	95	9	-13.39627	-13.39627	NUM
arjefm-76	95	10	-12.59364	-12.59364	PUNCT
arjefm-76	95	11	-13.07301	-13.07301	SYM
arjefm-76	95	12	2	2	NUM
arjefm-76	95	13	1850.057	1850.057	NUM
arjefm-76	95	14	299.7883	299.7883	NUM
arjefm-76	95	15	1.45e-15	1.45e-15	NUM
arjefm-76	95	16	-14.30375	-14.30375	SYM
arjefm-76	95	17	-12.79882	-12.79882	PROPN
arjefm-76	95	18	*	*	PUNCT
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arjefm-76	95	20	3	3	NUM
arjefm-76	95	21	1953.843	1953.843	NUM
arjefm-76	95	22	188.8566	188.8566	NUM
arjefm-76	95	23	9.27e-16	9.27e-16	NUM
arjefm-76	95	24	-14.75281	-14.75281	SYM
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arjefm-76	95	29	2004.963	2004.963	NUM
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arjefm-76	95	31	9.15e-16	9.15e-16	NUM
arjefm-76	95	32	*	*	SYM
arjefm-76	95	33	-14.77018	-14.77018	PUNCT
arjefm-76	95	34	*	*	PUNCT
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arjefm-76	95	37	5	5	NUM
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arjefm-76	95	39	56.83496	56.83496	NUM
arjefm-76	95	40	1.05e-15	1.05e-15	NUM
arjefm-76	95	41	-14.64179	-14.64179	NUM
arjefm-76	95	42	-11.02996	-11.02996	PUNCT
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arjefm-76	95	44	6	6	NUM
arjefm-76	95	45	2076.128	2076.128	NUM
arjefm-76	95	46	62.32582	62.32582	NUM
arjefm-76	95	47	1.16e-15	1.16e-15	NUM
arjefm-76	95	48	-14.55023	-14.55023	NUM
arjefm-76	95	49	-10.23610	-10.23610	NUM
arjefm-76	95	50	-12.81274	-12.81274	ADP
arjefm-76	95	51	7	7	NUM
arjefm-76	95	52	2114.008	2114.008	NUM
arjefm-76	95	53	60.23538	60.23538	NUM
arjefm-76	95	54	1.29e-15	1.29e-15	NUM
arjefm-76	95	55	-14.45908	-14.45908	SYM
arjefm-76	95	56	-9.442652	-9.442652	NUM
arjefm-76	95	57	-12.43874	-12.43874	NUM
arjefm-76	95	58	8	8	NUM
arjefm-76	95	59	2140.686	2140.686	NUM
arjefm-76	95	60	40.89105	40.89105	NUM
arjefm-76	95	61	1.58e-15	1.58e-15	NUM
arjefm-76	95	62	-14.27611	-14.27611	NUM
arjefm-76	95	63	-8.557381	-8.557381	NOUN
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arjefm-76	95	66	2174.893	2174.893	NUM
arjefm-76	95	67	50.46986	50.46986	NUM
arjefm-76	95	68	1.83e-15	1.83e-15	NUM
arjefm-76	95	69	-14.15486	-14.15486	NUM
arjefm-76	95	70	-7.733830	-7.733830	NOUN
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arjefm-76	95	74	59.58147	59.58147	NUM
arjefm-76	95	75	2.01e-15	2.01e-15	NUM
arjefm-76	95	76	-14.09762	-14.09762	PUNCT
arjefm-76	95	77	-6.974292	-6.974292	NOUN
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arjefm-76	96	1	2269.413	2269.413	NUM
arjefm-76	96	2	71.43814	71.43814	NUM
arjefm-76	96	3	2.03e-15	2.03e-15	NUM
arjefm-76	96	4	-14.12633	-14.12633	NOUN
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arjefm-76	96	10	1.59e-15	1.59e-15	NUM
arjefm-76	96	11	-14.42216	-14.42216	NUM
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arjefm-76	97	22	-	-	SYM
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arjefm-76	97	50	management	management	NOUN
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arjefm-76	97	52	,	,	PUNCT
arjefm-76	97	53	email	email	NOUN
arjefm-76	97	54	:	:	PUNCT
arjefm-76	97	55	contact@americaserial.com	contact@americaserial.com	X
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arjefm-76	99	1	|	|	ADV
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arjefm-76	100	1	14	14	NUM
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arjefm-76	100	4	*	*	SYM
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arjefm-76	100	6	-14.56276	-14.56276	NOUN
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arjefm-76	100	39	fpe	fpe	NOUN
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arjefm-76	100	43	error	error	NOUN
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arjefm-76	100	45	:	:	PUNCT
arjefm-76	100	46	akaike	akaike	ADJ
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arjefm-76	100	48	criterion	criterion	PROPN
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arjefm-76	100	50	:	:	PUNCT
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arjefm-76	100	52	information	information	NOUN
arjefm-76	100	53	criterion	criterion	NOUN
arjefm-76	100	54	hq	hq	NOUN
arjefm-76	100	55	:	:	PUNCT
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arjefm-76	100	57	-	-	PUNCT
arjefm-76	100	58	quinn	quinn	PROPN
arjefm-76	100	59	information	information	NOUN
arjefm-76	100	60	criterion	criterion	NOUN
arjefm-76	100	61	in	in	ADP
arjefm-76	100	62	this	this	DET
arjefm-76	100	63	context	context	NOUN
arjefm-76	100	64	,	,	PUNCT
arjefm-76	100	65	the	the	DET
arjefm-76	100	66	longest	long	ADJ
arjefm-76	100	67	delay	delay	NOUN
arjefm-76	100	68	time	time	NOUN
arjefm-76	100	69	in	in	ADP
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arjefm-76	100	72	is	be	AUX
arjefm-76	100	73	taken	take	VERB
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arjefm-76	100	75	15	15	NUM
arjefm-76	100	76	months	month	NOUN
arjefm-76	100	77	.	.	PUNCT
arjefm-76	101	1	according	accord	VERB
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arjefm-76	101	5	results	result	NOUN
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arjefm-76	101	11	in	in	ADP
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arjefm-76	101	15	(	(	PUNCT
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arjefm-76	101	17	)	)	PUNCT
arjefm-76	101	18	is	be	AUX
arjefm-76	101	19	14	14	NUM
arjefm-76	101	20	months	month	NOUN
arjefm-76	101	21	,	,	PUNCT
arjefm-76	101	22	the	the	DET
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arjefm-76	101	26	(	(	PUNCT
arjefm-76	101	27	fpe	fpe	PROPN
arjefm-76	101	28	)	)	PUNCT
arjefm-76	101	29	is	be	AUX
arjefm-76	101	30	4	4	NUM
arjefm-76	101	31	months	month	NOUN
arjefm-76	101	32	,	,	PUNCT
arjefm-76	101	33	akaike	akaike	ADP
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arjefm-76	101	35	criterion	criterion	NOUN
arjefm-76	101	36	(	(	PUNCT
arjefm-76	101	37	aic	aic	PROPN
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arjefm-76	101	39	is	be	AUX
arjefm-76	101	40	4	4	NUM
arjefm-76	101	41	months	month	NOUN
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arjefm-76	101	44	information	information	NOUN
arjefm-76	101	45	criterion	criterion	NOUN
arjefm-76	101	46	is	be	AUX
arjefm-76	101	47	2	2	NUM
arjefm-76	101	48	months	month	NOUN
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arjefm-76	101	54	information	information	NOUN
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arjefm-76	101	56	(	(	PUNCT
arjefm-76	101	57	hq	hq	NOUN
arjefm-76	101	58	)	)	PUNCT
arjefm-76	101	59	is	be	AUX
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arjefm-76	102	1	the	the	DET
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arjefm-76	102	8	model	model	NOUN
arjefm-76	102	9	is	be	AUX
arjefm-76	102	10	set	set	VERB
arjefm-76	102	11	as	as	ADP
arjefm-76	102	12	2	2	NUM
arjefm-76	102	13	months	month	NOUN
arjefm-76	102	14	,	,	PUNCT
arjefm-76	102	15	based	base	VERB
arjefm-76	102	16	on	on	ADP
arjefm-76	102	17	the	the	DET
arjefm-76	102	18	schwarz	schwarz	PROPN
arjefm-76	102	19	information	information	NOUN
arjefm-76	102	20	criterion	criterion	NOUN
arjefm-76	102	21	.	.	PUNCT
arjefm-76	103	1	2.6	2.6	NUM
arjefm-76	103	2	.	.	PUNCT
arjefm-76	103	3	unit	unit	NOUN
arjefm-76	103	4	root	root	NOUN
arjefm-76	103	5	analysis	analysis	NOUN
arjefm-76	103	6	the	the	DET
arjefm-76	103	7	results	result	NOUN
arjefm-76	103	8	of	of	ADP
arjefm-76	103	9	the	the	DET
arjefm-76	103	10	unit	unit	NOUN
arjefm-76	103	11	root	root	NOUN
arjefm-76	103	12	analysis	analysis	NOUN
arjefm-76	103	13	are	be	AUX
arjefm-76	103	14	given	give	VERB
arjefm-76	103	15	in	in	ADP
arjefm-76	103	16	the	the	DET
arjefm-76	103	17	following	follow	VERB
arjefm-76	103	18	table	table	NOUN
arjefm-76	103	19	.	.	PUNCT
arjefm-76	104	1	in	in	ADP
arjefm-76	104	2	this	this	DET
arjefm-76	104	3	study	study	NOUN
arjefm-76	104	4	,	,	PUNCT
arjefm-76	104	5	the	the	DET
arjefm-76	104	6	stationary	stationary	ADJ
arjefm-76	104	7	model	model	NOUN
arjefm-76	104	8	and	and	CCONJ
arjefm-76	104	9	the	the	DET
arjefm-76	104	10	stationary	stationary	NOUN
arjefm-76	104	11	in	in	ADP
arjefm-76	104	12	the	the	DET
arjefm-76	104	13	model	model	NOUN
arjefm-76	104	14	including	include	VERB
arjefm-76	104	15	both	both	CCONJ
arjefm-76	104	16	constant	constant	ADJ
arjefm-76	104	17	and	and	CCONJ
arjefm-76	104	18	trend	trend	NOUN
arjefm-76	104	19	will	will	AUX
arjefm-76	104	20	be	be	AUX
arjefm-76	104	21	examined	examine	VERB
arjefm-76	104	22	.	.	PUNCT
arjefm-76	105	1	money	money	NOUN
arjefm-76	105	2	supply	supply	NOUN
arjefm-76	105	3	logarithm	logarithm	NOUN
arjefm-76	105	4	is	be	AUX
arjefm-76	105	5	taken	take	VERB
arjefm-76	105	6	,	,	PUNCT
arjefm-76	105	7	seasonally	seasonally	ADV
arjefm-76	105	8	adjusted	adjust	VERB
arjefm-76	105	9	and	and	CCONJ
arjefm-76	105	10	identified	identify	VERB
arjefm-76	105	11	as	as	ADP
arjefm-76	105	12	logm1sa	logm1sa	PROPN
arjefm-76	105	13	.	.	PUNCT
arjefm-76	106	1	the	the	DET
arjefm-76	106	2	results	result	NOUN
arjefm-76	106	3	of	of	ADP
arjefm-76	106	4	the	the	DET
arjefm-76	106	5	model	model	NOUN
arjefm-76	106	6	with	with	ADP
arjefm-76	106	7	a	a	DET
arjefm-76	106	8	constant	constant	NOUN
arjefm-76	106	9	for	for	ADP
arjefm-76	106	10	logm1sa	logm1sa	NOUN
arjefm-76	106	11	variable	variable	NOUN
arjefm-76	106	12	are	be	AUX
arjefm-76	106	13	shown	show	VERB
arjefm-76	106	14	below	below	ADP
arjefm-76	106	15	.	.	PUNCT
arjefm-76	107	1	table	table	NOUN
arjefm-76	107	2	4	4	NUM
arjefm-76	107	3	.	.	PUNCT
arjefm-76	107	4	unit	unit	NOUN
arjefm-76	107	5	root	root	PROPN
arjefm-76	107	6	test	test	NOUN
arjefm-76	107	7	results	result	NOUN
arjefm-76	107	8	of	of	ADP
arjefm-76	107	9	constant	constant	ADJ
arjefm-76	107	10	m1	m1	NOUN
arjefm-76	107	11	variable	variable	NOUN
arjefm-76	107	12	null	null	ADJ
arjefm-76	107	13	hypothesis	hypothesis	NOUN
arjefm-76	107	14	:	:	PUNCT
arjefm-76	108	1	logm1sa	logm1sa	PROPN
arjefm-76	108	2	has	have	VERB
arjefm-76	108	3	a	a	DET
arjefm-76	108	4	unit	unit	NOUN
arjefm-76	108	5	root	root	NOUN
arjefm-76	108	6	exogenous	exogenous	ADJ
arjefm-76	108	7	:	:	PUNCT
arjefm-76	108	8	constant	constant	ADJ
arjefm-76	108	9	lag	lag	NOUN
arjefm-76	108	10	length	length	NOUN
arjefm-76	108	11	:	:	PUNCT
arjefm-76	108	12	2	2	NUM
arjefm-76	108	13	(	(	PUNCT
arjefm-76	108	14	automatic	automatic	ADJ
arjefm-76	108	15	based	base	VERB
arjefm-76	108	16	on	on	ADP
arjefm-76	108	17	sic	sic	ADJ
arjefm-76	108	18	,	,	PUNCT
arjefm-76	108	19	maxlag=2	maxlag=2	PROPN
arjefm-76	108	20	)	)	PUNCT
arjefm-76	108	21	t	t	PROPN
arjefm-76	108	22	-	-	PUNCT
arjefm-76	108	23	statistic	statistic	NOUN
arjefm-76	108	24	prob	prob	NOUN
arjefm-76	108	25	.	.	PUNCT
arjefm-76	108	26	*	*	PUNCT
arjefm-76	108	27	augmented	augment	VERB
arjefm-76	108	28	dickey	dickey	PROPN
arjefm-76	108	29	-	-	PUNCT
arjefm-76	108	30	fuller	full	ADJ
arjefm-76	108	31	test	test	NOUN
arjefm-76	108	32	statistic	statistic	NOUN
arjefm-76	108	33	-4.518377	-4.518377	PUNCT
arjefm-76	108	34	0.0002	0.0002	NUM
arjefm-76	108	35	testcriticalvalues	testcriticalvalue	NOUN
arjefm-76	108	36	:	:	PUNCT
arjefm-76	108	37	1%level	1%level	NUM
arjefm-76	108	38	-3.455786	-3.455786	NOUN
arjefm-76	108	39	5%level	5%level	NUM
arjefm-76	108	40	-2.872630	-2.872630	NOUN
arjefm-76	108	41	10%level	10%level	NOUN
arjefm-76	108	42	-2.572754	-2.572754	NOUN
arjefm-76	108	43	*	*	PUNCT
arjefm-76	108	44	mackinnon	mackinnon	PROPN
arjefm-76	108	45	(	(	PUNCT
arjefm-76	108	46	1996	1996	NUM
arjefm-76	108	47	)	)	PUNCT
arjefm-76	108	48	one	one	NUM
arjefm-76	108	49	-	-	PUNCT
arjefm-76	108	50	sided	sided	ADJ
arjefm-76	108	51	p	p	NOUN
arjefm-76	108	52	-	-	PUNCT
arjefm-76	108	53	values	value	NOUN
arjefm-76	108	54	.	.	PUNCT
arjefm-76	109	1	according	accord	VERB
arjefm-76	109	2	to	to	ADP
arjefm-76	109	3	the	the	DET
arjefm-76	109	4	τ	τ	PROPN
arjefm-76	109	5	statistics	statistic	NOUN
arjefm-76	109	6	given	give	VERB
arjefm-76	109	7	by	by	ADP
arjefm-76	109	8	mackinnon	mackinnon	PROPN
arjefm-76	109	9	,	,	PUNCT
arjefm-76	109	10	1	1	NUM
arjefm-76	109	11	%	%	NOUN
arjefm-76	109	12	,	,	PUNCT
arjefm-76	109	13	5	5	NUM
arjefm-76	109	14	%	%	NOUN
arjefm-76	109	15	,	,	PUNCT
arjefm-76	109	16	10	10	NUM
arjefm-76	109	17	%	%	NOUN
arjefm-76	109	18	(	(	PUNCT
arjefm-76	109	19	-3455	-3455	INTJ
arjefm-76	109	20	,	,	PUNCT
arjefm-76	109	21	-2872	-2872	PROPN
arjefm-76	109	22	,	,	PUNCT
arjefm-76	109	23	-2572	-2572	PROPN
arjefm-76	109	24	)	)	PUNCT
arjefm-76	109	25	,	,	PUNCT
arjefm-76	109	26	as	as	SCONJ
arjefm-76	109	27	t	t	PROPN
arjefm-76	109	28	value	value	NOUN
arjefm-76	109	29	(	(	PUNCT
arjefm-76	109	30	-6737	-6737	PROPN
arjefm-76	109	31	)	)	PUNCT
arjefm-76	109	32	,	,	PUNCT
arjefm-76	109	33	whose	whose	DET
arjefm-76	109	34	significance	significance	NOUN
arjefm-76	109	35	levels	level	NOUN
arjefm-76	109	36	are	be	AUX
arjefm-76	109	37	calculated	calculate	VERB
arjefm-76	109	38	,	,	PUNCT
arjefm-76	109	39	is	be	AUX
arjefm-76	109	40	high	high	ADJ
arjefm-76	109	41	as	as	ADP
arjefm-76	109	42	the	the	DET
arjefm-76	109	43	absolute	absolute	ADJ
arjefm-76	109	44	value	value	NOUN
arjefm-76	109	45	,	,	PUNCT
arjefm-76	109	46	δlogm1sa	δlogm1sa	PROPN
arjefm-76	109	47	has	have	VERB
arjefm-76	109	48	no	no	DET
arjefm-76	109	49	unit	unit	NOUN
arjefm-76	109	50	root	root	NOUN
arjefm-76	109	51	,	,	PUNCT
arjefm-76	109	52	and	and	CCONJ
arjefm-76	109	53	the	the	DET
arjefm-76	109	54	series	series	NOUN
arjefm-76	109	55	is	be	AUX
arjefm-76	109	56	stationary	stationary	ADJ
arjefm-76	109	57	.	.	PUNCT
arjefm-76	110	1	the	the	DET
arjefm-76	110	2	results	result	NOUN
arjefm-76	110	3	of	of	ADP
arjefm-76	110	4	the	the	DET
arjefm-76	110	5	model	model	NOUN
arjefm-76	110	6	is	be	AUX
arjefm-76	110	7	located	locate	VERB
arjefm-76	110	8	in	in	ADP
arjefm-76	110	9	constant	constant	ADJ
arjefm-76	110	10	and	and	CCONJ
arjefm-76	110	11	linear	linear	ADJ
arjefm-76	110	12	trend	trend	NOUN
arjefm-76	110	13	logm1sa	logm1sa	PROPN
arjefm-76	110	14	.	.	PROPN
arjefm-76	110	15	table	table	NOUN
arjefm-76	110	16	5	5	NUM
arjefm-76	110	17	.	.	PUNCT
arjefm-76	110	18	unit	unit	NOUN
arjefm-76	110	19	root	root	PROPN
arjefm-76	110	20	test	test	NOUN
arjefm-76	110	21	results	result	NOUN
arjefm-76	110	22	of	of	ADP
arjefm-76	110	23	constant	constant	ADJ
arjefm-76	110	24	and	and	CCONJ
arjefm-76	110	25	linear	linear	ADJ
arjefm-76	110	26	trend	trend	NOUN
arjefm-76	110	27	m1	m1	PROPN
arjefm-76	110	28	variable	variable	ADJ
arjefm-76	110	29	null	null	ADJ
arjefm-76	110	30	hypothesis	hypothesis	NOUN
arjefm-76	110	31	:	:	PUNCT
arjefm-76	110	32	logm1sa	logm1sa	PROPN
arjefm-76	110	33	has	have	VERB
arjefm-76	110	34	a	a	DET
arjefm-76	110	35	unit	unit	NOUN
arjefm-76	110	36	root	root	NOUN
arjefm-76	110	37	exogenous	exogenous	ADJ
arjefm-76	110	38	:	:	PUNCT
arjefm-76	110	39	constant	constant	ADJ
arjefm-76	110	40	,	,	PUNCT
arjefm-76	110	41	linear	linear	ADJ
arjefm-76	110	42	trend	trend	NOUN
arjefm-76	110	43	lag	lag	NOUN
arjefm-76	110	44	length	length	NOUN
arjefm-76	110	45	:	:	PUNCT
arjefm-76	110	46	2	2	NUM
arjefm-76	110	47	(	(	PUNCT
arjefm-76	110	48	automatic	automatic	ADJ
arjefm-76	110	49	based	base	VERB
arjefm-76	110	50	on	on	ADP
arjefm-76	110	51	sic	sic	ADJ
arjefm-76	110	52	,	,	PUNCT
arjefm-76	110	53	maxlag=2	maxlag=2	NOUN
arjefm-76	110	54	)	)	PUNCT
arjefm-76	110	55	mailto:contact@americaserial.com	mailto:contact@americaserial.com	NOUN
arjefm-76	110	56	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-76	111	1	american	american	PROPN
arjefm-76	111	2	research	research	PROPN
arjefm-76	111	3	journal	journal	PROPN
arjefm-76	111	4	of	of	ADP
arjefm-76	111	5	economics	economic	NOUN
arjefm-76	111	6	,	,	PUNCT
arjefm-76	111	7	finance	finance	NOUN
arjefm-76	111	8	and	and	CCONJ
arjefm-76	111	9	management	management	NOUN
arjefm-76	111	10	volume	volume	NOUN
arjefm-76	111	11	11	11	NUM
arjefm-76	111	12	issue	issue	NOUN
arjefm-76	111	13	1	1	NUM
arjefm-76	111	14	,	,	PUNCT
arjefm-76	111	15	january	january	PROPN
arjefm-76	111	16	-	-	PUNCT
arjefm-76	111	17	march	march	PROPN
arjefm-76	111	18	2023	2023	NUM
arjefm-76	111	19	issn	issn	NOUN
arjefm-76	111	20	:	:	PUNCT
arjefm-76	111	21	2836	2836	NUM
arjefm-76	111	22	-	-	SYM
arjefm-76	111	23	9416	9416	NUM
arjefm-76	111	24	impact	impact	NOUN
arjefm-76	111	25	factor	factor	NOUN
arjefm-76	111	26	:	:	PUNCT
arjefm-76	111	27	5.57	5.57	NUM
arjefm-76	111	28	journal	journal	NOUN
arjefm-76	111	29	homepage	homepage	NOUN
arjefm-76	111	30	:	:	PUNCT
arjefm-76	111	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-76	111	32	,	,	PUNCT
arjefm-76	111	33	email	email	NOUN
arjefm-76	111	34	:	:	PUNCT
arjefm-76	112	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-76	112	2	official	official	ADJ
arjefm-76	112	3	journal	journal	PROPN
arjefm-76	112	4	of	of	ADP
arjefm-76	112	5	america	america	PROPN
arjefm-76	112	6	serial	serial	PROPN
arjefm-76	112	7	publication	publication	NOUN
arjefm-76	112	8	american	american	PROPN
arjefm-76	112	9	research	research	PROPN
arjefm-76	112	10	journal	journal	PROPN
arjefm-76	112	11	of	of	ADP
arjefm-76	112	12	economics	economic	NOUN
arjefm-76	112	13	,	,	PUNCT
arjefm-76	112	14	finance	finance	NOUN
arjefm-76	112	15	and	and	CCONJ
arjefm-76	112	16	management	management	NOUN
arjefm-76	112	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-76	112	18	,	,	PUNCT
arjefm-76	112	19	email	email	NOUN
arjefm-76	112	20	:	:	PUNCT
arjefm-76	112	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-76	113	1	20	20	NUM
arjefm-76	114	1	|	|	ADV
arjefm-76	114	2	p	p	X
arjefm-76	114	3	a	a	DET
arjefm-76	114	4	g	g	PROPN
arjefm-76	114	5	e	e	PROPN
arjefm-76	114	6	t	t	PROPN
arjefm-76	114	7	-	-	PUNCT
arjefm-76	114	8	statistic	statistic	NOUN
arjefm-76	114	9	prob	prob	NOUN
arjefm-76	114	10	.	.	PUNCT
arjefm-76	114	11	*	*	PUNCT
arjefm-76	114	12	augmented	augment	VERB
arjefm-76	114	13	dickey	dickey	PROPN
arjefm-76	114	14	-	-	PUNCT
arjefm-76	114	15	fuller	full	ADJ
arjefm-76	114	16	test	test	NOUN
arjefm-76	114	17	statistic	statistic	NOUN
arjefm-76	114	18	0.745462	0.745462	NUM
arjefm-76	114	19	0.9997	0.9997	NUM
arjefm-76	114	20	test	test	NOUN
arjefm-76	114	21	critical	critical	ADJ
arjefm-76	114	22	values	value	NOUN
arjefm-76	114	23	:	:	PUNCT
arjefm-76	114	24	1	1	NUM
arjefm-76	114	25	%	%	NOUN
arjefm-76	114	26	level	level	NOUN
arjefm-76	114	27	-3.994310	-3.994310	NOUN
arjefm-76	114	28	5	5	NUM
arjefm-76	114	29	%	%	NOUN
arjefm-76	114	30	level	level	NOUN
arjefm-76	114	31	-3.427476	-3.427476	NOUN
arjefm-76	115	1	10%level	10%level	NUM
arjefm-76	115	2	-3.137059	-3.137059	X
arjefm-76	115	3	*	*	PUNCT
arjefm-76	115	4	mackinnon	mackinnon	PROPN
arjefm-76	115	5	(	(	PUNCT
arjefm-76	115	6	1996	1996	NUM
arjefm-76	115	7	)	)	PUNCT
arjefm-76	115	8	one	one	NUM
arjefm-76	115	9	-	-	PUNCT
arjefm-76	115	10	sided	sided	ADJ
arjefm-76	115	11	p	p	NOUN
arjefm-76	115	12	-	-	PUNCT
arjefm-76	115	13	values	value	NOUN
arjefm-76	115	14	.	.	PUNCT
arjefm-76	116	1	according	accord	VERB
arjefm-76	116	2	to	to	ADP
arjefm-76	116	3	mackinnon	mackinnon	PROPN
arjefm-76	116	4	τ	τ	PROPN
arjefm-76	116	5	statistics	statistics	PROPN
arjefm-76	116	6	,	,	PUNCT
arjefm-76	116	7	1	1	NUM
arjefm-76	116	8	%	%	NOUN
arjefm-76	116	9	,	,	PUNCT
arjefm-76	116	10	5	5	NUM
arjefm-76	116	11	%	%	NOUN
arjefm-76	116	12	,	,	PUNCT
arjefm-76	116	13	10	10	NUM
arjefm-76	116	14	%	%	NOUN
arjefm-76	116	15	(	(	PUNCT
arjefm-76	116	16	-3994	-3994	ADJ
arjefm-76	116	17	,	,	PUNCT
arjefm-76	116	18	-3427	-3427	INTJ
arjefm-76	116	19	,	,	PUNCT
arjefm-76	116	20	-3137	-3137	NOUN
arjefm-76	116	21	)	)	PUNCT
arjefm-76	116	22	,	,	PUNCT
arjefm-76	116	23	the	the	DET
arjefm-76	116	24	significance	significance	NOUN
arjefm-76	116	25	levels	level	NOUN
arjefm-76	116	26	of	of	ADP
arjefm-76	116	27	t	t	PROPN
arjefm-76	116	28	value	value	NOUN
arjefm-76	116	29	(	(	PUNCT
arjefm-76	116	30	0745	0745	NUM
arjefm-76	116	31	)	)	PUNCT
arjefm-76	116	32	are	be	AUX
arjefm-76	116	33	calculated	calculate	VERB
arjefm-76	116	34	.	.	PUNCT
arjefm-76	117	1	since	since	SCONJ
arjefm-76	117	2	it	it	PRON
arjefm-76	117	3	is	be	AUX
arjefm-76	117	4	low	low	ADJ
arjefm-76	117	5	as	as	ADP
arjefm-76	117	6	the	the	DET
arjefm-76	117	7	absolute	absolute	ADJ
arjefm-76	117	8	value	value	NOUN
arjefm-76	117	9	,	,	PUNCT
arjefm-76	117	10	the	the	DET
arjefm-76	117	11	logm1sa	logm1sa	NOUN
arjefm-76	117	12	series	series	NOUN
arjefm-76	117	13	has	have	VERB
arjefm-76	117	14	unit	unit	NOUN
arjefm-76	117	15	root	root	NOUN
arjefm-76	117	16	;	;	PUNCT
arjefm-76	117	17	the	the	DET
arjefm-76	117	18	series	series	NOUN
arjefm-76	117	19	is	be	AUX
arjefm-76	117	20	not	not	PART
arjefm-76	117	21	in	in	ADP
arjefm-76	117	22	stationary	stationary	ADJ
arjefm-76	117	23	state	state	NOUN
arjefm-76	117	24	.	.	PUNCT
arjefm-76	118	1	δlogm1sa	δlogm1sa	PROPN
arjefm-76	118	2	is	be	AUX
arjefm-76	118	3	produced	produce	VERB
arjefm-76	118	4	to	to	PART
arjefm-76	118	5	make	make	VERB
arjefm-76	118	6	the	the	DET
arjefm-76	118	7	new	new	ADJ
arjefm-76	118	8	series	series	NOUN
arjefm-76	118	9	stable	stable	ADJ
arjefm-76	118	10	.	.	PUNCT
arjefm-76	119	1	table	table	NOUN
arjefm-76	119	2	6	6	NUM
arjefm-76	119	3	.	.	PUNCT
arjefm-76	119	4	unit	unit	NOUN
arjefm-76	119	5	root	root	PROPN
arjefm-76	119	6	test	test	NOUN
arjefm-76	119	7	results	result	VERB
arjefm-76	119	8	first	first	ADJ
arjefm-76	119	9	degree	degree	NOUN
arjefm-76	119	10	of	of	ADP
arjefm-76	119	11	difference	difference	NOUN
arjefm-76	119	12	constant	constant	ADJ
arjefm-76	119	13	and	and	CCONJ
arjefm-76	119	14	linear	linear	ADJ
arjefm-76	119	15	trend	trend	NOUN
arjefm-76	119	16	m1	m1	PROPN
arjefm-76	119	17	variable	variable	ADJ
arjefm-76	119	18	null	null	ADJ
arjefm-76	119	19	hypothesis	hypothesis	NOUN
arjefm-76	119	20	:	:	PUNCT
arjefm-76	119	21	d(logm1sa	d(logm1sa	PROPN
arjefm-76	119	22	)	)	PUNCT
arjefm-76	119	23	has	have	VERB
arjefm-76	119	24	a	a	DET
arjefm-76	119	25	unit	unit	NOUN
arjefm-76	119	26	root	root	NOUN
arjefm-76	119	27	exogenous	exogenous	ADJ
arjefm-76	119	28	:	:	PUNCT
arjefm-76	119	29	constant	constant	ADJ
arjefm-76	119	30	,	,	PUNCT
arjefm-76	119	31	linear	linear	ADJ
arjefm-76	119	32	trend	trend	NOUN
arjefm-76	119	33	lag	lag	NOUN
arjefm-76	119	34	length	length	NOUN
arjefm-76	119	35	:	:	PUNCT
arjefm-76	119	36	1	1	NUM
arjefm-76	119	37	(	(	PUNCT
arjefm-76	119	38	automatic	automatic	ADJ
arjefm-76	119	39	based	base	VERB
arjefm-76	119	40	on	on	ADP
arjefm-76	119	41	sic	sic	ADJ
arjefm-76	119	42	,	,	PUNCT
arjefm-76	119	43	maxlag=2	maxlag=2	PROPN
arjefm-76	119	44	)	)	PUNCT
arjefm-76	119	45	t	t	PROPN
arjefm-76	119	46	-	-	PUNCT
arjefm-76	119	47	statistic	statistic	NOUN
arjefm-76	119	48	prob	prob	NOUN
arjefm-76	119	49	.	.	PUNCT
arjefm-76	119	50	*	*	PUNCT
arjefm-76	119	51	augmented	augment	VERB
arjefm-76	119	52	dickey	dickey	PROPN
arjefm-76	119	53	-	-	PUNCT
arjefm-76	119	54	fuller	full	ADJ
arjefm-76	119	55	test	test	NOUN
arjefm-76	119	56	statistic	statistic	NOUN
arjefm-76	119	57	-16.5269	-16.5269	SYM
arjefm-76	119	58	0.0000	0.0000	NUM
arjefm-76	119	59	test	test	NOUN
arjefm-76	119	60	critical	critical	ADJ
arjefm-76	119	61	1	1	NUM
arjefm-76	119	62	%	%	NOUN
arjefm-76	119	63	level	level	NOUN
arjefm-76	119	64	values	value	NOUN
arjefm-76	119	65	:	:	PUNCT
arjefm-76	119	66	-3.99431	-3.99431	NOUN
arjefm-76	119	67	5	5	NUM
arjefm-76	119	68	%	%	NOUN
arjefm-76	119	69	level	level	NOUN
arjefm-76	119	70	-3.42748	-3.42748	NOUN
arjefm-76	119	71	10	10	NUM
arjefm-76	119	72	%	%	NOUN
arjefm-76	119	73	level	level	NOUN
arjefm-76	119	74	-3.13706	-3.13706	X
arjefm-76	120	1	*	*	PUNCT
arjefm-76	120	2	mackinnon	mackinnon	PROPN
arjefm-76	120	3	(	(	PUNCT
arjefm-76	120	4	1996	1996	NUM
arjefm-76	120	5	)	)	PUNCT
arjefm-76	120	6	one	one	NUM
arjefm-76	120	7	-	-	PUNCT
arjefm-76	120	8	sided	sided	ADJ
arjefm-76	120	9	p	p	NOUN
arjefm-76	120	10	-	-	PUNCT
arjefm-76	120	11	values	value	NOUN
arjefm-76	120	12	.	.	PUNCT
arjefm-76	121	1	according	accord	VERB
arjefm-76	121	2	to	to	ADP
arjefm-76	121	3	the	the	DET
arjefm-76	121	4	t	t	PROPN
arjefm-76	121	5	statistics	statistic	NOUN
arjefm-76	121	6	given	give	VERB
arjefm-76	121	7	by	by	ADP
arjefm-76	121	8	mackinnon	mackinnon	PROPN
arjefm-76	121	9	,	,	PUNCT
arjefm-76	121	10	1	1	NUM
arjefm-76	121	11	%	%	NOUN
arjefm-76	121	12	,	,	PUNCT
arjefm-76	121	13	5	5	NUM
arjefm-76	121	14	%	%	NOUN
arjefm-76	121	15	,	,	PUNCT
arjefm-76	121	16	10	10	NUM
arjefm-76	121	17	%	%	NOUN
arjefm-76	121	18	(	(	PUNCT
arjefm-76	121	19	-3994	-3994	ADJ
arjefm-76	121	20	,	,	PUNCT
arjefm-76	121	21	-3427	-3427	INTJ
arjefm-76	121	22	,	,	PUNCT
arjefm-76	121	23	-3137	-3137	NOUN
arjefm-76	121	24	)	)	PUNCT
arjefm-76	121	25	,	,	PUNCT
arjefm-76	121	26	the	the	DET
arjefm-76	121	27	significance	significance	NOUN
arjefm-76	121	28	levels	level	NOUN
arjefm-76	121	29	of	of	ADP
arjefm-76	121	30	t	t	PROPN
arjefm-76	121	31	value	value	NOUN
arjefm-76	121	32	(	(	PUNCT
arjefm-76	121	33	-16,526	-16,526	NOUN
arjefm-76	121	34	)	)	PUNCT
arjefm-76	121	35	is	be	AUX
arjefm-76	121	36	calculated	calculate	VERB
arjefm-76	121	37	.	.	PUNCT
arjefm-76	122	1	since	since	SCONJ
arjefm-76	122	2	it	it	PRON
arjefm-76	122	3	is	be	AUX
arjefm-76	122	4	high	high	ADJ
arjefm-76	122	5	as	as	ADP
arjefm-76	122	6	the	the	DET
arjefm-76	122	7	absolute	absolute	ADJ
arjefm-76	122	8	value	value	NOUN
arjefm-76	122	9	,	,	PUNCT
arjefm-76	122	10	δlogm1sa	δlogm1sa	PROPN
arjefm-76	122	11	has	have	VERB
arjefm-76	122	12	no	no	DET
arjefm-76	122	13	unit	unit	NOUN
arjefm-76	122	14	root	root	NOUN
arjefm-76	122	15	series	series	PROPN
arjefm-76	122	16	.	.	PUNCT
arjefm-76	123	1	they	they	PRON
arjefm-76	123	2	are	be	AUX
arjefm-76	123	3	stationary	stationary	ADJ
arjefm-76	123	4	.	.	PUNCT
arjefm-76	124	1	constant	constant	ADJ
arjefm-76	124	2	and	and	CCONJ
arjefm-76	124	3	linear	linear	ADJ
arjefm-76	124	4	trends	trend	NOUN
arjefm-76	124	5	logm1sa	logm1sa	NOUN
arjefm-76	124	6	have	have	AUX
arjefm-76	124	7	been	be	AUX
arjefm-76	124	8	co	co	VERB
arjefm-76	124	9	integrated	integrate	VERB
arjefm-76	124	10	.	.	PUNCT
arjefm-76	125	1	the	the	DET
arjefm-76	125	2	logarithm	logarithm	NOUN
arjefm-76	125	3	of	of	ADP
arjefm-76	125	4	the	the	DET
arjefm-76	125	5	actual	actual	ADJ
arjefm-76	125	6	basic	basic	ADJ
arjefm-76	125	7	interest	interest	NOUN
arjefm-76	125	8	rate	rate	NOUN
arjefm-76	125	9	and	and	CCONJ
arjefm-76	125	10	the	the	DET
arjefm-76	125	11	seasonally	seasonally	ADV
arjefm-76	125	12	adjusted	adjust	VERB
arjefm-76	125	13	time	time	NOUN
arjefm-76	125	14	series	series	NOUN
arjefm-76	125	15	has	have	AUX
arjefm-76	125	16	been	be	AUX
arjefm-76	125	17	identified	identify	VERB
arjefm-76	125	18	as	as	ADP
arjefm-76	125	19	loginterestsa	loginterestsa	NOUN
arjefm-76	125	20	.	.	PUNCT
arjefm-76	126	1	the	the	DET
arjefm-76	126	2	results	result	NOUN
arjefm-76	126	3	of	of	ADP
arjefm-76	126	4	the	the	DET
arjefm-76	126	5	model	model	NOUN
arjefm-76	126	6	are	be	AUX
arjefm-76	126	7	located	locate	VERB
arjefm-76	126	8	in	in	ADP
arjefm-76	126	9	constant	constant	ADJ
arjefm-76	126	10	loginterestsa	loginterestsa	NOUN
arjefm-76	126	11	.	.	PUNCT
arjefm-76	127	1	table	table	NOUN
arjefm-76	127	2	7	7	NUM
arjefm-76	127	3	.	.	PUNCT
arjefm-76	127	4	unit	unit	NOUN
arjefm-76	127	5	root	root	PROPN
arjefm-76	127	6	test	test	NOUN
arjefm-76	127	7	results	result	NOUN
arjefm-76	127	8	of	of	ADP
arjefm-76	127	9	constant	constant	ADJ
arjefm-76	127	10	interest	interest	NOUN
arjefm-76	127	11	variable	variable	ADJ
arjefm-76	127	12	null	null	ADJ
arjefm-76	127	13	hypothesis	hypothesis	NOUN
arjefm-76	127	14	:	:	PUNCT
arjefm-76	127	15	loginterestsa	loginterestsa	NOUN
arjefm-76	127	16	has	have	VERB
arjefm-76	127	17	a	a	DET
arjefm-76	127	18	unit	unit	NOUN
arjefm-76	127	19	root	root	NOUN
arjefm-76	127	20	exogenous	exogenous	ADJ
arjefm-76	127	21	:	:	PUNCT
arjefm-76	127	22	constant	constant	ADJ
arjefm-76	127	23	lag	lag	NOUN
arjefm-76	127	24	length	length	NOUN
arjefm-76	127	25	:	:	PUNCT
arjefm-76	127	26	1	1	NUM
arjefm-76	127	27	(	(	PUNCT
arjefm-76	127	28	automatic	automatic	ADJ
arjefm-76	127	29	based	base	VERB
arjefm-76	127	30	on	on	ADP
arjefm-76	127	31	sic	sic	ADJ
arjefm-76	127	32	,	,	PUNCT
arjefm-76	127	33	maxlag=2	maxlag=2	PROPN
arjefm-76	127	34	)	)	PUNCT
arjefm-76	127	35	t	t	PROPN
arjefm-76	127	36	-	-	PUNCT
arjefm-76	127	37	statistic	statistic	NOUN
arjefm-76	127	38	prob	prob	NOUN
arjefm-76	127	39	.	.	PUNCT
arjefm-76	127	40	*	*	PUNCT
arjefm-76	127	41	augmented	augment	VERB
arjefm-76	127	42	dickey	dickey	PROPN
arjefm-76	127	43	-	-	PUNCT
arjefm-76	127	44	fuller	full	ADJ
arjefm-76	127	45	test	test	NOUN
arjefm-76	127	46	statistic	statistic	NOUN
arjefm-76	127	47	0.247957	0.247957	NUM
arjefm-76	127	48	0.9751	0.9751	NUM
arjefm-76	127	49	test	test	NOUN
arjefm-76	127	50	critical	critical	ADJ
arjefm-76	127	51	values	value	NOUN
arjefm-76	127	52	:	:	PUNCT
arjefm-76	127	53	1	1	NUM
arjefm-76	127	54	%	%	NOUN
arjefm-76	127	55	level	level	NOUN
arjefm-76	127	56	-3.455685	-3.455685	NOUN
arjefm-76	127	57	5	5	NUM
arjefm-76	127	58	%	%	NOUN
arjefm-76	127	59	level	level	NOUN
arjefm-76	127	60	-2.872586	-2.872586	NOUN
arjefm-76	127	61	10	10	NUM
arjefm-76	127	62	%	%	NOUN
arjefm-76	127	63	level	level	NOUN
arjefm-76	127	64	-2.572730	-2.572730	PUNCT
arjefm-76	128	1	*	*	PUNCT
arjefm-76	128	2	mackinnon	mackinnon	PROPN
arjefm-76	128	3	(	(	PUNCT
arjefm-76	128	4	1996	1996	NUM
arjefm-76	128	5	)	)	PUNCT
arjefm-76	128	6	one	one	NUM
arjefm-76	128	7	-	-	PUNCT
arjefm-76	128	8	sided	sided	ADJ
arjefm-76	128	9	p	p	NOUN
arjefm-76	128	10	-	-	PUNCT
arjefm-76	128	11	values	value	NOUN
arjefm-76	128	12	.	.	PUNCT
arjefm-76	129	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-76	129	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-76	130	1	american	american	PROPN
arjefm-76	130	2	research	research	PROPN
arjefm-76	130	3	journal	journal	PROPN
arjefm-76	130	4	of	of	ADP
arjefm-76	130	5	economics	economic	NOUN
arjefm-76	130	6	,	,	PUNCT
arjefm-76	130	7	finance	finance	NOUN
arjefm-76	130	8	and	and	CCONJ
arjefm-76	130	9	management	management	NOUN
arjefm-76	130	10	volume	volume	NOUN
arjefm-76	130	11	11	11	NUM
arjefm-76	130	12	issue	issue	NOUN
arjefm-76	130	13	1	1	NUM
arjefm-76	130	14	,	,	PUNCT
arjefm-76	130	15	january	january	PROPN
arjefm-76	130	16	-	-	PUNCT
arjefm-76	130	17	march	march	PROPN
arjefm-76	130	18	2023	2023	NUM
arjefm-76	130	19	issn	issn	NOUN
arjefm-76	130	20	:	:	PUNCT
arjefm-76	130	21	2836	2836	NUM
arjefm-76	130	22	-	-	SYM
arjefm-76	130	23	9416	9416	NUM
arjefm-76	130	24	impact	impact	NOUN
arjefm-76	130	25	factor	factor	NOUN
arjefm-76	130	26	:	:	PUNCT
arjefm-76	130	27	5.57	5.57	NUM
arjefm-76	130	28	journal	journal	NOUN
arjefm-76	130	29	homepage	homepage	NOUN
arjefm-76	130	30	:	:	PUNCT
arjefm-76	130	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-76	130	32	,	,	PUNCT
arjefm-76	130	33	email	email	NOUN
arjefm-76	130	34	:	:	PUNCT
arjefm-76	131	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-76	131	2	official	official	ADJ
arjefm-76	131	3	journal	journal	PROPN
arjefm-76	131	4	of	of	ADP
arjefm-76	131	5	america	america	PROPN
arjefm-76	131	6	serial	serial	PROPN
arjefm-76	131	7	publication	publication	NOUN
arjefm-76	131	8	american	american	PROPN
arjefm-76	131	9	research	research	PROPN
arjefm-76	131	10	journal	journal	PROPN
arjefm-76	131	11	of	of	ADP
arjefm-76	131	12	economics	economic	NOUN
arjefm-76	131	13	,	,	PUNCT
arjefm-76	131	14	finance	finance	NOUN
arjefm-76	131	15	and	and	CCONJ
arjefm-76	131	16	management	management	NOUN
arjefm-76	131	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-76	131	18	,	,	PUNCT
arjefm-76	131	19	email	email	NOUN
arjefm-76	131	20	:	:	PUNCT
arjefm-76	131	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-76	132	1	21	21	NUM
arjefm-76	133	1	|	|	ADV
arjefm-76	133	2	p	p	X
arjefm-76	133	3	a	a	DET
arjefm-76	133	4	g	g	NOUN
arjefm-76	133	5	e	e	NOUN
arjefm-76	133	6	in	in	ADP
arjefm-76	133	7	accordance	accordance	NOUN
arjefm-76	133	8	with	with	ADP
arjefm-76	133	9	mackinnon	mackinnon	PROPN
arjefm-76	133	10	τ	τ	PROPN
arjefm-76	133	11	statistics	statistics	PROPN
arjefm-76	133	12	,	,	PUNCT
arjefm-76	133	13	1	1	NUM
arjefm-76	133	14	%	%	NOUN
arjefm-76	133	15	,	,	PUNCT
arjefm-76	133	16	5	5	NUM
arjefm-76	133	17	%	%	NOUN
arjefm-76	133	18	,	,	PUNCT
arjefm-76	133	19	10	10	NUM
arjefm-76	133	20	%	%	NOUN
arjefm-76	133	21	(	(	PUNCT
arjefm-76	133	22	-3.456	-3.456	NOUN
arjefm-76	133	23	;	;	PUNCT
arjefm-76	133	24	-2872	-2872	PROPN
arjefm-76	133	25	;	;	PUNCT
arjefm-76	133	26	-2572	-2572	PROPN
arjefm-76	133	27	)	)	PUNCT
arjefm-76	133	28	,	,	PUNCT
arjefm-76	133	29	t	t	NOUN
arjefm-76	133	30	value	value	NOUN
arjefm-76	133	31	significance	significance	NOUN
arjefm-76	133	32	levels	level	NOUN
arjefm-76	133	33	are	be	AUX
arjefm-76	133	34	calculated	calculate	VERB
arjefm-76	133	35	(	(	PUNCT
arjefm-76	133	36	0.247	0.247	NUM
arjefm-76	133	37	)	)	PUNCT
arjefm-76	133	38	.	.	PUNCT
arjefm-76	134	1	it	it	PRON
arjefm-76	134	2	is	be	AUX
arjefm-76	134	3	low	low	ADJ
arjefm-76	134	4	as	as	ADP
arjefm-76	134	5	the	the	DET
arjefm-76	134	6	absolute	absolute	ADJ
arjefm-76	134	7	value	value	NOUN
arjefm-76	134	8	,	,	PUNCT
arjefm-76	134	9	so	so	SCONJ
arjefm-76	134	10	loginterestsa	loginterestsa	NOUN
arjefm-76	134	11	has	have	VERB
arjefm-76	134	12	the	the	DET
arjefm-76	134	13	unit	unit	NOUN
arjefm-76	134	14	root	root	NOUN
arjefm-76	134	15	;	;	PUNCT
arjefm-76	134	16	the	the	DET
arjefm-76	134	17	series	series	NOUN
arjefm-76	134	18	is	be	AUX
arjefm-76	134	19	not	not	PART
arjefm-76	134	20	in	in	ADP
arjefm-76	134	21	a	a	DET
arjefm-76	134	22	stationary	stationary	ADJ
arjefm-76	134	23	state	state	NOUN
arjefm-76	134	24	.	.	PUNCT
arjefm-76	135	1	δloginterestsa	δloginterestsa	PROPN
arjefm-76	135	2	is	be	AUX
arjefm-76	135	3	designed	design	VERB
arjefm-76	135	4	to	to	PART
arjefm-76	135	5	make	make	VERB
arjefm-76	135	6	the	the	DET
arjefm-76	135	7	new	new	ADJ
arjefm-76	135	8	series	series	NOUN
arjefm-76	135	9	stable	stable	ADJ
arjefm-76	135	10	.	.	PUNCT
arjefm-76	136	1	table	table	NOUN
arjefm-76	136	2	8	8	NUM
arjefm-76	136	3	.	.	PUNCT
arjefm-76	136	4	unit	unit	NOUN
arjefm-76	136	5	root	root	PROPN
arjefm-76	136	6	test	test	NOUN
arjefm-76	136	7	results	result	VERB
arjefm-76	136	8	first	first	ADJ
arjefm-76	136	9	degree	degree	NOUN
arjefm-76	136	10	of	of	ADP
arjefm-76	136	11	difference	difference	NOUN
arjefm-76	136	12	constant	constant	ADJ
arjefm-76	136	13	interest	interest	NOUN
arjefm-76	136	14	variable	variable	ADJ
arjefm-76	136	15	null	null	ADJ
arjefm-76	136	16	hypothesis	hypothesis	NOUN
arjefm-76	136	17	:	:	PUNCT
arjefm-76	136	18	dloginterestsa	dloginterestsa	NOUN
arjefm-76	136	19	has	have	VERB
arjefm-76	136	20	a	a	DET
arjefm-76	136	21	unit	unit	NOUN
arjefm-76	136	22	root	root	NOUN
arjefm-76	136	23	exogenous	exogenous	ADJ
arjefm-76	136	24	:	:	PUNCT
arjefm-76	136	25	constant	constant	ADJ
arjefm-76	136	26	lag	lag	NOUN
arjefm-76	136	27	length	length	NOUN
arjefm-76	136	28	:	:	PUNCT
arjefm-76	136	29	0	0	NUM
arjefm-76	137	1	(	(	PUNCT
arjefm-76	137	2	automatic	automatic	ADJ
arjefm-76	137	3	based	base	VERB
arjefm-76	137	4	on	on	ADP
arjefm-76	137	5	sic	sic	ADJ
arjefm-76	137	6	,	,	PUNCT
arjefm-76	137	7	maxlag=2	maxlag=2	PROPN
arjefm-76	137	8	)	)	PUNCT
arjefm-76	137	9	t	t	PROPN
arjefm-76	137	10	-	-	PUNCT
arjefm-76	137	11	statistic	statistic	NOUN
arjefm-76	137	12	prob	prob	NOUN
arjefm-76	137	13	.	.	PUNCT
arjefm-76	137	14	*	*	PUNCT
arjefm-76	137	15	augmented	augment	VERB
arjefm-76	137	16	dickey	dickey	PROPN
arjefm-76	137	17	-	-	PUNCT
arjefm-76	137	18	fuller	full	ADJ
arjefm-76	137	19	test	test	NOUN
arjefm-76	137	20	statistic	statistic	NOUN
arjefm-76	137	21	-23.61517	-23.61517	SYM
arjefm-76	137	22	0.0000	0.0000	NUM
arjefm-76	137	23	test	test	NOUN
arjefm-76	137	24	critical	critical	ADJ
arjefm-76	137	25	values	value	NOUN
arjefm-76	137	26	:	:	PUNCT
arjefm-76	137	27	1	1	NUM
arjefm-76	137	28	%	%	NOUN
arjefm-76	137	29	level	level	NOUN
arjefm-76	137	30	-3.455685	-3.455685	NOUN
arjefm-76	137	31	5	5	NUM
arjefm-76	137	32	%	%	NOUN
arjefm-76	137	33	level	level	NOUN
arjefm-76	137	34	-2.872586	-2.872586	NOUN
arjefm-76	137	35	10	10	NUM
arjefm-76	137	36	%	%	NOUN
arjefm-76	137	37	level	level	NOUN
arjefm-76	137	38	-2.572730	-2.572730	PUNCT
arjefm-76	138	1	*	*	PUNCT
arjefm-76	138	2	mackinnon	mackinnon	PROPN
arjefm-76	138	3	(	(	PUNCT
arjefm-76	138	4	1996	1996	NUM
arjefm-76	138	5	)	)	PUNCT
arjefm-76	138	6	one	one	NUM
arjefm-76	138	7	-	-	PUNCT
arjefm-76	138	8	sided	sided	ADJ
arjefm-76	138	9	p	p	NOUN
arjefm-76	138	10	-	-	PUNCT
arjefm-76	138	11	values	value	NOUN
arjefm-76	138	12	.	.	PUNCT
arjefm-76	139	1	in	in	ADP
arjefm-76	139	2	accordance	accordance	NOUN
arjefm-76	139	3	with	with	ADP
arjefm-76	139	4	the	the	DET
arjefm-76	139	5	mackinnon	mackinnon	PROPN
arjefm-76	139	6	τ	τ	PROPN
arjefm-76	139	7	statistics	statistics	PROPN
arjefm-76	139	8	,	,	PUNCT
arjefm-76	139	9	1	1	NUM
arjefm-76	139	10	%	%	NOUN
arjefm-76	139	11	,	,	PUNCT
arjefm-76	139	12	5	5	NUM
arjefm-76	139	13	%	%	NOUN
arjefm-76	139	14	,	,	PUNCT
arjefm-76	139	15	10	10	NUM
arjefm-76	139	16	%	%	NOUN
arjefm-76	139	17	(	(	PUNCT
arjefm-76	139	18	-3.456	-3.456	NOUN
arjefm-76	139	19	;	;	PUNCT
arjefm-76	139	20	-2872	-2872	PROPN
arjefm-76	139	21	;	;	PUNCT
arjefm-76	139	22	-2572	-2572	PROPN
arjefm-76	139	23	)	)	PUNCT
arjefm-76	139	24	,	,	PUNCT
arjefm-76	139	25	as	as	ADP
arjefm-76	139	26	t	t	PROPN
arjefm-76	139	27	value	value	NOUN
arjefm-76	139	28	(	(	PUNCT
arjefm-76	139	29	-23	-23	PROPN
arjefm-76	139	30	615	615	NUM
arjefm-76	139	31	)	)	PUNCT
arjefm-76	139	32	,	,	PUNCT
arjefm-76	139	33	whose	whose	DET
arjefm-76	139	34	significance	significance	NOUN
arjefm-76	139	35	levels	level	NOUN
arjefm-76	139	36	are	be	AUX
arjefm-76	139	37	calculated	calculate	VERB
arjefm-76	139	38	,	,	PUNCT
arjefm-76	139	39	is	be	AUX
arjefm-76	139	40	high	high	ADJ
arjefm-76	139	41	as	as	ADP
arjefm-76	139	42	the	the	DET
arjefm-76	139	43	absolute	absolute	ADJ
arjefm-76	139	44	value	value	NOUN
arjefm-76	139	45	,	,	PUNCT
arjefm-76	139	46	δloginterestsa	δloginterestsa	NOUN
arjefm-76	139	47	has	have	VERB
arjefm-76	139	48	no	no	DET
arjefm-76	139	49	unit	unit	NOUN
arjefm-76	139	50	root	root	NOUN
arjefm-76	139	51	;	;	PUNCT
arjefm-76	139	52	the	the	DET
arjefm-76	139	53	series	series	NOUN
arjefm-76	139	54	is	be	AUX
arjefm-76	139	55	in	in	ADP
arjefm-76	139	56	stationary	stationary	ADJ
arjefm-76	139	57	state	state	NOUN
arjefm-76	139	58	.	.	PUNCT
arjefm-76	140	1	constant	constant	ADJ
arjefm-76	140	2	and	and	CCONJ
arjefm-76	140	3	linear	linear	ADJ
arjefm-76	140	4	trend	trend	NOUN
arjefm-76	140	5	loginterestsa	loginterestsa	NOUN
arjefm-76	140	6	has	have	AUX
arjefm-76	140	7	been	be	AUX
arjefm-76	140	8	cointegrated	cointegrate	VERB
arjefm-76	140	9	.	.	PUNCT
arjefm-76	141	1	the	the	DET
arjefm-76	141	2	results	result	NOUN
arjefm-76	141	3	of	of	ADP
arjefm-76	141	4	the	the	DET
arjefm-76	141	5	model	model	NOUN
arjefm-76	141	6	is	be	AUX
arjefm-76	141	7	located	locate	VERB
arjefm-76	141	8	in	in	ADP
arjefm-76	141	9	constant	constant	ADJ
arjefm-76	141	10	and	and	CCONJ
arjefm-76	141	11	trend	trend	NOUN
arjefm-76	141	12	loginterestsa	loginterestsa	NOUN
arjefm-76	141	13	.	.	PUNCT
arjefm-76	142	1	table	table	NOUN
arjefm-76	142	2	9	9	NUM
arjefm-76	142	3	.	.	PUNCT
arjefm-76	142	4	unit	unit	NOUN
arjefm-76	142	5	root	root	PROPN
arjefm-76	142	6	test	test	NOUN
arjefm-76	142	7	results	result	NOUN
arjefm-76	142	8	of	of	ADP
arjefm-76	142	9	constant	constant	ADJ
arjefm-76	142	10	and	and	CCONJ
arjefm-76	142	11	linear	linear	ADJ
arjefm-76	142	12	trend	trend	NOUN
arjefm-76	142	13	interest	interest	NOUN
arjefm-76	142	14	variable	variable	ADJ
arjefm-76	142	15	null	null	ADJ
arjefm-76	142	16	hypothesis	hypothesis	NOUN
arjefm-76	142	17	:	:	PUNCT
arjefm-76	142	18	loginterestsa	loginterestsa	NOUN
arjefm-76	142	19	has	have	VERB
arjefm-76	142	20	a	a	DET
arjefm-76	142	21	unit	unit	NOUN
arjefm-76	142	22	root	root	NOUN
arjefm-76	142	23	exogenous	exogenous	ADJ
arjefm-76	142	24	:	:	PUNCT
arjefm-76	142	25	constant	constant	ADJ
arjefm-76	142	26	,	,	PUNCT
arjefm-76	142	27	linear	linear	ADJ
arjefm-76	142	28	trend	trend	NOUN
arjefm-76	142	29	lag	lag	NOUN
arjefm-76	142	30	length	length	NOUN
arjefm-76	142	31	:	:	PUNCT
arjefm-76	142	32	1	1	NUM
arjefm-76	142	33	(	(	PUNCT
arjefm-76	142	34	automatic	automatic	ADJ
arjefm-76	142	35	based	base	VERB
arjefm-76	142	36	on	on	ADP
arjefm-76	142	37	sic	sic	ADJ
arjefm-76	142	38	,	,	PUNCT
arjefm-76	142	39	maxlag=2	maxlag=2	PROPN
arjefm-76	142	40	)	)	PUNCT
arjefm-76	142	41	t	t	PROPN
arjefm-76	142	42	-	-	PUNCT
arjefm-76	142	43	statistic	statistic	NOUN
arjefm-76	142	44	prob	prob	NOUN
arjefm-76	142	45	.	.	PUNCT
arjefm-76	142	46	*	*	PUNCT
arjefm-76	142	47	augmented	augment	VERB
arjefm-76	142	48	dickey	dickey	PROPN
arjefm-76	142	49	-	-	PUNCT
arjefm-76	142	50	fuller	full	ADJ
arjefm-76	142	51	test	test	NOUN
arjefm-76	142	52	statistic	statistic	NOUN
arjefm-76	142	53	2.200790	2.200790	NUM
arjefm-76	142	54	0.4867	0.4867	NUM
arjefm-76	142	55	test	test	NOUN
arjefm-76	142	56	critical	critical	ADJ
arjefm-76	142	57	values	value	NOUN
arjefm-76	142	58	:	:	PUNCT
arjefm-76	142	59	1	1	NUM
arjefm-76	142	60	%	%	NOUN
arjefm-76	142	61	level	level	NOUN
arjefm-76	142	62	-3.994167	-3.994167	NOUN
arjefm-76	142	63	5	5	NUM
arjefm-76	142	64	%	%	NOUN
arjefm-76	142	65	level	level	NOUN
arjefm-76	142	66	-3.427407	-3.427407	NOUN
arjefm-76	142	67	10	10	NUM
arjefm-76	142	68	%	%	NOUN
arjefm-76	142	69	level	level	NOUN
arjefm-76	142	70	-3.137018	-3.137018	NOUN
arjefm-76	142	71	*	*	PUNCT
arjefm-76	142	72	mackinnon	mackinnon	PROPN
arjefm-76	142	73	(	(	PUNCT
arjefm-76	142	74	1996	1996	NUM
arjefm-76	142	75	)	)	PUNCT
arjefm-76	142	76	one	one	NUM
arjefm-76	142	77	-	-	PUNCT
arjefm-76	142	78	sided	sided	ADJ
arjefm-76	142	79	p	p	NOUN
arjefm-76	142	80	-	-	PUNCT
arjefm-76	142	81	values	value	NOUN
arjefm-76	142	82	.	.	PUNCT
arjefm-76	143	1	according	accord	VERB
arjefm-76	143	2	to	to	ADP
arjefm-76	143	3	mackinnon	mackinnon	PROPN
arjefm-76	143	4	τ	τ	PROPN
arjefm-76	143	5	statistics	statistics	PROPN
arjefm-76	143	6	,	,	PUNCT
arjefm-76	143	7	1	1	NUM
arjefm-76	143	8	%	%	NOUN
arjefm-76	143	9	,	,	PUNCT
arjefm-76	143	10	5	5	NUM
arjefm-76	143	11	%	%	NOUN
arjefm-76	143	12	,	,	PUNCT
arjefm-76	143	13	10	10	NUM
arjefm-76	143	14	%	%	NOUN
arjefm-76	143	15	(	(	PUNCT
arjefm-76	143	16	-3.994	-3.994	ADJ
arjefm-76	143	17	;	;	PUNCT
arjefm-76	143	18	-3427	-3427	X
arjefm-76	143	19	;	;	PUNCT
arjefm-76	143	20	-3137	-3137	NUM
arjefm-76	143	21	)	)	PUNCT
arjefm-76	143	22	,	,	PUNCT
arjefm-76	143	23	t	t	NOUN
arjefm-76	143	24	value	value	NOUN
arjefm-76	143	25	(	(	PUNCT
arjefm-76	143	26	-2200	-2200	NOUN
arjefm-76	143	27	)	)	PUNCT
arjefm-76	143	28	,	,	PUNCT
arjefm-76	143	29	whose	whose	DET
arjefm-76	143	30	significance	significance	NOUN
arjefm-76	143	31	levels	level	NOUN
arjefm-76	143	32	are	be	AUX
arjefm-76	143	33	calculated	calculate	VERB
arjefm-76	143	34	,	,	PUNCT
arjefm-76	143	35	is	be	AUX
arjefm-76	143	36	low	low	ADJ
arjefm-76	143	37	as	as	ADP
arjefm-76	143	38	the	the	DET
arjefm-76	143	39	absolute	absolute	ADJ
arjefm-76	143	40	value	value	NOUN
arjefm-76	143	41	,	,	PUNCT
arjefm-76	143	42	the	the	DET
arjefm-76	143	43	loginterestsa	loginterestsa	NOUN
arjefm-76	143	44	has	have	VERB
arjefm-76	143	45	unit	unit	NOUN
arjefm-76	143	46	root	root	NOUN
arjefm-76	143	47	;	;	PUNCT
arjefm-76	143	48	the	the	DET
arjefm-76	143	49	series	series	NOUN
arjefm-76	143	50	is	be	AUX
arjefm-76	143	51	not	not	PART
arjefm-76	143	52	stationary	stationary	ADJ
arjefm-76	143	53	.	.	PUNCT
arjefm-76	144	1	δloginterestsa	δloginterestsa	PROPN
arjefm-76	144	2	is	be	AUX
arjefm-76	144	3	designed	design	VERB
arjefm-76	144	4	to	to	PART
arjefm-76	144	5	make	make	VERB
arjefm-76	144	6	it	it	PRON
arjefm-76	144	7	stable	stable	ADJ
arjefm-76	144	8	.	.	PUNCT
arjefm-76	145	1	table	table	NOUN
arjefm-76	145	2	10	10	NUM
arjefm-76	145	3	.	.	PUNCT
arjefm-76	146	1	unit	unit	NOUN
arjefm-76	146	2	root	root	PROPN
arjefm-76	146	3	test	test	NOUN
arjefm-76	146	4	results	result	VERB
arjefm-76	146	5	first	first	ADJ
arjefm-76	146	6	degree	degree	NOUN
arjefm-76	146	7	of	of	ADP
arjefm-76	146	8	difference	difference	NOUN
arjefm-76	146	9	constant	constant	ADJ
arjefm-76	146	10	and	and	CCONJ
arjefm-76	146	11	linear	linear	ADJ
arjefm-76	147	1	trend	trend	NOUN
arjefm-76	147	2	interest	interest	NOUN
arjefm-76	147	3	variable	variable	ADJ
arjefm-76	147	4	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-76	147	5	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-76	148	1	american	american	PROPN
arjefm-76	148	2	research	research	PROPN
arjefm-76	148	3	journal	journal	PROPN
arjefm-76	148	4	of	of	ADP
arjefm-76	148	5	economics	economic	NOUN
arjefm-76	148	6	,	,	PUNCT
arjefm-76	148	7	finance	finance	NOUN
arjefm-76	148	8	and	and	CCONJ
arjefm-76	148	9	management	management	NOUN
arjefm-76	148	10	volume	volume	NOUN
arjefm-76	148	11	11	11	NUM
arjefm-76	148	12	issue	issue	NOUN
arjefm-76	148	13	1	1	NUM
arjefm-76	148	14	,	,	PUNCT
arjefm-76	148	15	january	january	PROPN
arjefm-76	148	16	-	-	PUNCT
arjefm-76	148	17	march	march	PROPN
arjefm-76	148	18	2023	2023	NUM
arjefm-76	148	19	issn	issn	NOUN
arjefm-76	148	20	:	:	PUNCT
arjefm-76	148	21	2836	2836	NUM
arjefm-76	148	22	-	-	SYM
arjefm-76	148	23	9416	9416	NUM
arjefm-76	148	24	impact	impact	NOUN
arjefm-76	148	25	factor	factor	NOUN
arjefm-76	148	26	:	:	PUNCT
arjefm-76	148	27	5.57	5.57	NUM
arjefm-76	148	28	journal	journal	NOUN
arjefm-76	148	29	homepage	homepage	NOUN
arjefm-76	148	30	:	:	PUNCT
arjefm-76	148	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-76	148	32	,	,	PUNCT
arjefm-76	148	33	email	email	NOUN
arjefm-76	148	34	:	:	PUNCT
arjefm-76	149	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-76	149	2	official	official	ADJ
arjefm-76	149	3	journal	journal	PROPN
arjefm-76	149	4	of	of	ADP
arjefm-76	149	5	america	america	PROPN
arjefm-76	149	6	serial	serial	PROPN
arjefm-76	149	7	publication	publication	NOUN
arjefm-76	149	8	american	american	PROPN
arjefm-76	149	9	research	research	PROPN
arjefm-76	149	10	journal	journal	PROPN
arjefm-76	149	11	of	of	ADP
arjefm-76	149	12	economics	economic	NOUN
arjefm-76	149	13	,	,	PUNCT
arjefm-76	149	14	finance	finance	NOUN
arjefm-76	149	15	and	and	CCONJ
arjefm-76	149	16	management	management	NOUN
arjefm-76	149	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-76	149	18	,	,	PUNCT
arjefm-76	149	19	email	email	NOUN
arjefm-76	149	20	:	:	PUNCT
arjefm-76	149	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-76	150	1	22	22	NUM
arjefm-76	151	1	|	|	ADV
arjefm-76	151	2	p	p	X
arjefm-76	151	3	a	a	DET
arjefm-76	151	4	g	g	NOUN
arjefm-76	151	5	e	e	NOUN
arjefm-76	151	6	null	null	ADJ
arjefm-76	151	7	hypothesis	hypothesis	NOUN
arjefm-76	151	8	:	:	PUNCT
arjefm-76	151	9	dloginterestsa	dloginterestsa	NOUN
arjefm-76	151	10	has	have	VERB
arjefm-76	151	11	a	a	DET
arjefm-76	151	12	unit	unit	NOUN
arjefm-76	151	13	root	root	NOUN
arjefm-76	151	14	exogenous	exogenous	ADJ
arjefm-76	151	15	:	:	PUNCT
arjefm-76	151	16	constant	constant	ADJ
arjefm-76	151	17	,	,	PUNCT
arjefm-76	151	18	linear	linear	ADJ
arjefm-76	151	19	trend	trend	NOUN
arjefm-76	151	20	lag	lag	NOUN
arjefm-76	151	21	length	length	NOUN
arjefm-76	151	22	:	:	PUNCT
arjefm-76	151	23	0	0	PUNCT
arjefm-76	151	24	(	(	PUNCT
arjefm-76	151	25	automatic	automatic	ADJ
arjefm-76	151	26	based	base	VERB
arjefm-76	151	27	on	on	ADP
arjefm-76	151	28	sic	sic	ADJ
arjefm-76	151	29	,	,	PUNCT
arjefm-76	151	30	maxlag=2	maxlag=2	PROPN
arjefm-76	151	31	)	)	PUNCT
arjefm-76	151	32	t	t	PROPN
arjefm-76	151	33	-	-	PUNCT
arjefm-76	151	34	statistic	statistic	NOUN
arjefm-76	151	35	prob	prob	NOUN
arjefm-76	151	36	.	.	PUNCT
arjefm-76	151	37	*	*	PUNCT
arjefm-76	151	38	augmented	augment	VERB
arjefm-76	151	39	dickey	dickey	PROPN
arjefm-76	151	40	-	-	PUNCT
arjefm-76	151	41	fuller	full	ADJ
arjefm-76	151	42	test	test	NOUN
arjefm-76	151	43	statistic	statistic	NOUN
arjefm-76	151	44	-23.79151	-23.79151	SYM
arjefm-76	151	45	0.0000	0.0000	NUM
arjefm-76	151	46	test	test	NOUN
arjefm-76	151	47	critical	critical	ADJ
arjefm-76	151	48	values	value	NOUN
arjefm-76	151	49	:	:	PUNCT
arjefm-76	152	1	1	1	NUM
arjefm-76	152	2	%	%	NOUN
arjefm-76	152	3	level	level	NOUN
arjefm-76	152	4	-3.994167	-3.994167	NOUN
arjefm-76	152	5	5	5	NUM
arjefm-76	152	6	%	%	NOUN
arjefm-76	152	7	level	level	NOUN
arjefm-76	152	8	-3.427407	-3.427407	NOUN
arjefm-76	152	9	10	10	NUM
arjefm-76	152	10	%	%	NOUN
arjefm-76	152	11	level	level	NOUN
arjefm-76	152	12	-3.137018	-3.137018	NOUN
arjefm-76	152	13	*	*	PUNCT
arjefm-76	152	14	mackinnon	mackinnon	PROPN
arjefm-76	152	15	(	(	PUNCT
arjefm-76	152	16	1996	1996	NUM
arjefm-76	152	17	)	)	PUNCT
arjefm-76	152	18	one	one	NUM
arjefm-76	152	19	-	-	PUNCT
arjefm-76	152	20	sided	sided	ADJ
arjefm-76	152	21	p	p	NOUN
arjefm-76	152	22	-	-	PUNCT
arjefm-76	152	23	values	value	NOUN
arjefm-76	152	24	.	.	PUNCT
arjefm-76	153	1	according	accord	VERB
arjefm-76	153	2	to	to	ADP
arjefm-76	153	3	mackinnon	mackinnon	PROPN
arjefm-76	153	4	τ	τ	PROPN
arjefm-76	153	5	statistics	statistics	PROPN
arjefm-76	153	6	,	,	PUNCT
arjefm-76	153	7	1	1	NUM
arjefm-76	153	8	%	%	NOUN
arjefm-76	153	9	,	,	PUNCT
arjefm-76	153	10	5	5	NUM
arjefm-76	153	11	%	%	NOUN
arjefm-76	153	12	,	,	PUNCT
arjefm-76	153	13	10	10	NUM
arjefm-76	153	14	%	%	NOUN
arjefm-76	153	15	(	(	PUNCT
arjefm-76	153	16	-3.994	-3.994	ADJ
arjefm-76	153	17	;	;	PUNCT
arjefm-76	153	18	-3427	-3427	X
arjefm-76	153	19	;	;	PUNCT
arjefm-76	153	20	-3137	-3137	NUM
arjefm-76	153	21	)	)	PUNCT
arjefm-76	153	22	,	,	PUNCT
arjefm-76	153	23	t	t	NOUN
arjefm-76	153	24	value	value	NOUN
arjefm-76	153	25	(	(	PUNCT
arjefm-76	153	26	-23	-23	PROPN
arjefm-76	153	27	791	791	NUM
arjefm-76	153	28	)	)	PUNCT
arjefm-76	153	29	,	,	PUNCT
arjefm-76	153	30	whose	whose	DET
arjefm-76	153	31	significance	significance	NOUN
arjefm-76	153	32	levels	level	NOUN
arjefm-76	153	33	are	be	AUX
arjefm-76	153	34	calculated	calculate	VERB
arjefm-76	153	35	,	,	PUNCT
arjefm-76	153	36	is	be	AUX
arjefm-76	153	37	high	high	ADJ
arjefm-76	153	38	as	as	ADP
arjefm-76	153	39	the	the	DET
arjefm-76	153	40	absolute	absolute	ADJ
arjefm-76	153	41	value	value	NOUN
arjefm-76	153	42	,	,	PUNCT
arjefm-76	153	43	and	and	CCONJ
arjefm-76	153	44	thus	thus	ADV
arjefm-76	153	45	,	,	PUNCT
arjefm-76	153	46	δloginterestsa	δloginterestsa	NOUN
arjefm-76	153	47	has	have	VERB
arjefm-76	153	48	unit	unit	NOUN
arjefm-76	153	49	root	root	NOUN
arjefm-76	153	50	and	and	CCONJ
arjefm-76	153	51	these	these	DET
arjefm-76	153	52	series	serie	NOUN
arjefm-76	153	53	are	be	AUX
arjefm-76	153	54	stationary	stationary	ADJ
arjefm-76	153	55	.	.	PUNCT
arjefm-76	154	1	constant	constant	ADJ
arjefm-76	154	2	and	and	CCONJ
arjefm-76	154	3	linear	linear	ADJ
arjefm-76	154	4	trend	trend	NOUN
arjefm-76	154	5	loginterestsa	loginterestsa	NOUN
arjefm-76	154	6	has	have	AUX
arjefm-76	154	7	been	be	AUX
arjefm-76	154	8	cointegrated	cointegrate	VERB
arjefm-76	154	9	.	.	PUNCT
arjefm-76	155	1	the	the	DET
arjefm-76	155	2	logarithm	logarithm	NOUN
arjefm-76	155	3	of	of	ADP
arjefm-76	155	4	the	the	DET
arjefm-76	155	5	national	national	ADJ
arjefm-76	155	6	100	100	NUM
arjefm-76	155	7	index	index	NOUN
arjefm-76	155	8	(	(	PUNCT
arjefm-76	155	9	closing	closing	NOUN
arjefm-76	155	10	price	price	NOUN
arjefm-76	155	11	)	)	PUNCT
arjefm-76	155	12	and	and	CCONJ
arjefm-76	155	13	seasonally	seasonally	ADV
arjefm-76	155	14	adjusted	adjust	VERB
arjefm-76	155	15	time	time	NOUN
arjefm-76	155	16	series	series	NOUN
arjefm-76	155	17	has	have	AUX
arjefm-76	155	18	been	be	AUX
arjefm-76	155	19	defined	define	VERB
arjefm-76	155	20	as	as	ADP
arjefm-76	155	21	the	the	DET
arjefm-76	155	22	logbistsa	logbistsa	NOUN
arjefm-76	155	23	.	.	PUNCT
arjefm-76	156	1	the	the	DET
arjefm-76	156	2	result	result	NOUN
arjefm-76	156	3	of	of	ADP
arjefm-76	156	4	the	the	DET
arjefm-76	156	5	model	model	NOUN
arjefm-76	156	6	is	be	AUX
arjefm-76	156	7	located	locate	VERB
arjefm-76	156	8	in	in	ADP
arjefm-76	156	9	constant	constant	ADJ
arjefm-76	156	10	logbistsa	logbistsa	NOUN
arjefm-76	156	11	table	table	NOUN
arjefm-76	156	12	11	11	NUM
arjefm-76	156	13	.	.	PUNCT
arjefm-76	156	14	unit	unit	NOUN
arjefm-76	156	15	root	root	PROPN
arjefm-76	156	16	test	test	NOUN
arjefm-76	156	17	results	result	NOUN
arjefm-76	156	18	of	of	ADP
arjefm-76	156	19	constant	constant	ADJ
arjefm-76	156	20	bist	bist	ADJ
arjefm-76	156	21	variable	variable	NOUN
arjefm-76	156	22	null	null	ADJ
arjefm-76	156	23	hypothesis	hypothesis	NOUN
arjefm-76	156	24	:	:	PUNCT
arjefm-76	156	25	logbistsa	logbistsa	NOUN
arjefm-76	156	26	has	have	VERB
arjefm-76	156	27	a	a	DET
arjefm-76	156	28	unit	unit	NOUN
arjefm-76	156	29	root	root	NOUN
arjefm-76	156	30	exogenous	exogenous	ADJ
arjefm-76	156	31	:	:	PUNCT
arjefm-76	157	1	constant	constant	ADJ
arjefm-76	157	2	lag	lag	NOUN
arjefm-76	157	3	length	length	NOUN
arjefm-76	157	4	:	:	PUNCT
arjefm-76	157	5	1	1	NUM
arjefm-76	157	6	(	(	PUNCT
arjefm-76	157	7	automatic	automatic	ADJ
arjefm-76	157	8	based	base	VERB
arjefm-76	157	9	on	on	ADP
arjefm-76	157	10	sic	sic	ADJ
arjefm-76	157	11	,	,	PUNCT
arjefm-76	157	12	maxlag=2	maxlag=2	PROPN
arjefm-76	157	13	)	)	PUNCT
arjefm-76	157	14	t	t	PROPN
arjefm-76	157	15	-	-	PUNCT
arjefm-76	157	16	statistic	statistic	NOUN
arjefm-76	157	17	prob	prob	NOUN
arjefm-76	157	18	.	.	PUNCT
arjefm-76	157	19	*	*	PUNCT
arjefm-76	157	20	augmented	augment	VERB
arjefm-76	157	21	dickey	dickey	PROPN
arjefm-76	157	22	-	-	PUNCT
arjefm-76	157	23	fuller	full	ADJ
arjefm-76	157	24	test	test	NOUN
arjefm-76	157	25	statistic	statistic	NOUN
arjefm-76	157	26	1.418092	1.418092	NUM
arjefm-76	157	27	0.5733	0.5733	NUM
arjefm-76	157	28	test	test	NOUN
arjefm-76	157	29	critical	critical	ADJ
arjefm-76	157	30	values	value	NOUN
arjefm-76	157	31	:	:	PUNCT
arjefm-76	157	32	1	1	NUM
arjefm-76	157	33	%	%	NOUN
arjefm-76	157	34	level	level	NOUN
arjefm-76	157	35	3.455685	3.455685	NUM
arjefm-76	157	36	5	5	NUM
arjefm-76	157	37	%	%	NOUN
arjefm-76	157	38	level	level	NOUN
arjefm-76	157	39	2.872586	2.872586	NUM
arjefm-76	157	40	10	10	NUM
arjefm-76	157	41	%	%	NOUN
arjefm-76	157	42	level	level	NOUN
arjefm-76	157	43	2.572730	2.572730	NUM
arjefm-76	157	44	*	*	PUNCT
arjefm-76	157	45	mackinnon	mackinnon	PROPN
arjefm-76	157	46	(	(	PUNCT
arjefm-76	157	47	1996	1996	NUM
arjefm-76	157	48	)	)	PUNCT
arjefm-76	157	49	one	one	NUM
arjefm-76	157	50	-	-	PUNCT
arjefm-76	157	51	sided	sided	ADJ
arjefm-76	157	52	p	p	NOUN
arjefm-76	157	53	-	-	PUNCT
arjefm-76	157	54	values	value	NOUN
arjefm-76	157	55	.	.	PUNCT
arjefm-76	158	1	in	in	ADP
arjefm-76	158	2	accordance	accordance	NOUN
arjefm-76	158	3	with	with	ADP
arjefm-76	158	4	t	t	PROPN
arjefm-76	158	5	statistics	statistic	NOUN
arjefm-76	158	6	given	give	VERB
arjefm-76	158	7	by	by	ADP
arjefm-76	158	8	mackinnon	mackinnon	PROPN
arjefm-76	158	9	,	,	PUNCT
arjefm-76	158	10	1	1	NUM
arjefm-76	158	11	%	%	NOUN
arjefm-76	158	12	,	,	PUNCT
arjefm-76	158	13	5	5	NUM
arjefm-76	158	14	%	%	NOUN
arjefm-76	158	15	,	,	PUNCT
arjefm-76	158	16	10	10	NUM
arjefm-76	158	17	%	%	NOUN
arjefm-76	158	18	(	(	PUNCT
arjefm-76	158	19	-3455	-3455	INTJ
arjefm-76	158	20	,	,	PUNCT
arjefm-76	158	21	-2872	-2872	PROPN
arjefm-76	158	22	,	,	PUNCT
arjefm-76	158	23	-2572	-2572	PROPN
arjefm-76	158	24	)	)	PUNCT
arjefm-76	158	25	,	,	PUNCT
arjefm-76	158	26	since	since	SCONJ
arjefm-76	158	27	t	t	NOUN
arjefm-76	158	28	value	value	NOUN
arjefm-76	158	29	(	(	PUNCT
arjefm-76	158	30	1418	1418	NUM
arjefm-76	158	31	)	)	PUNCT
arjefm-76	158	32	,	,	PUNCT
arjefm-76	158	33	whose	whose	DET
arjefm-76	158	34	significance	significance	NOUN
arjefm-76	158	35	levels	level	NOUN
arjefm-76	158	36	are	be	AUX
arjefm-76	158	37	calculated	calculate	VERB
arjefm-76	158	38	,	,	PUNCT
arjefm-76	158	39	is	be	AUX
arjefm-76	158	40	low	low	ADJ
arjefm-76	158	41	as	as	ADP
arjefm-76	158	42	the	the	DET
arjefm-76	158	43	absolute	absolute	ADJ
arjefm-76	158	44	value	value	NOUN
arjefm-76	158	45	,	,	PUNCT
arjefm-76	158	46	logbistsa	logbistsa	NOUN
arjefm-76	158	47	has	have	VERB
arjefm-76	158	48	unit	unit	NOUN
arjefm-76	158	49	root	root	NOUN
arjefm-76	158	50	;	;	PUNCT
arjefm-76	158	51	the	the	DET
arjefm-76	158	52	series	series	NOUN
arjefm-76	158	53	is	be	AUX
arjefm-76	158	54	not	not	PART
arjefm-76	158	55	in	in	ADP
arjefm-76	158	56	stationary	stationary	ADJ
arjefm-76	158	57	state	state	NOUN
arjefm-76	158	58	.	.	PUNCT
arjefm-76	159	1	δlogbistsa	δlogbistsa	NOUN
arjefm-76	159	2	is	be	AUX
arjefm-76	159	3	designed	design	VERB
arjefm-76	159	4	to	to	PART
arjefm-76	159	5	make	make	VERB
arjefm-76	159	6	the	the	DET
arjefm-76	159	7	new	new	ADJ
arjefm-76	159	8	series	series	NOUN
arjefm-76	159	9	stable	stable	ADJ
arjefm-76	159	10	.	.	PUNCT
arjefm-76	160	1	table	table	NOUN
arjefm-76	160	2	12	12	NUM
arjefm-76	160	3	.	.	PUNCT
arjefm-76	161	1	unit	unit	NOUN
arjefm-76	161	2	root	root	NOUN
arjefm-76	161	3	tests	test	NOUN
arjefm-76	161	4	results	result	VERB
arjefm-76	161	5	the	the	DET
arjefm-76	161	6	first	first	ADJ
arjefm-76	161	7	degree	degree	NOUN
arjefm-76	161	8	of	of	ADP
arjefm-76	161	9	difference	difference	NOUN
arjefm-76	161	10	constant	constant	ADJ
arjefm-76	161	11	and	and	CCONJ
arjefm-76	161	12	linear	linear	ADJ
arjefm-76	161	13	trend	trend	NOUN
arjefm-76	161	14	bist	bist	ADJ
arjefm-76	161	15	variable	variable	ADJ
arjefm-76	161	16	null	null	ADJ
arjefm-76	161	17	hypothesis	hypothesis	NOUN
arjefm-76	161	18	:	:	PUNCT
arjefm-76	161	19	dlogbistsa	dlogbistsa	PROPN
arjefm-76	161	20	has	have	VERB
arjefm-76	161	21	a	a	DET
arjefm-76	161	22	unit	unit	NOUN
arjefm-76	161	23	root	root	NOUN
arjefm-76	161	24	exogenous	exogenous	ADJ
arjefm-76	161	25	:	:	PUNCT
arjefm-76	161	26	constant	constant	ADJ
arjefm-76	161	27	,	,	PUNCT
arjefm-76	161	28	linear	linear	ADJ
arjefm-76	161	29	trend	trend	NOUN
arjefm-76	161	30	lag	lag	NOUN
arjefm-76	161	31	length	length	NOUN
arjefm-76	161	32	:	:	PUNCT
arjefm-76	161	33	0	0	PUNCT
arjefm-76	161	34	(	(	PUNCT
arjefm-76	161	35	automatic	automatic	ADJ
arjefm-76	161	36	based	base	VERB
arjefm-76	161	37	on	on	ADP
arjefm-76	161	38	sic	sic	ADJ
arjefm-76	161	39	,	,	PUNCT
arjefm-76	161	40	maxlag=2	maxlag=2	NOUN
arjefm-76	161	41	)	)	PUNCT
arjefm-76	161	42	mailto:contact@americaserial.com	mailto:contact@americaserial.com	NOUN
arjefm-76	161	43	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-76	162	1	american	american	PROPN
arjefm-76	162	2	research	research	PROPN
arjefm-76	162	3	journal	journal	PROPN
arjefm-76	162	4	of	of	ADP
arjefm-76	162	5	economics	economic	NOUN
arjefm-76	162	6	,	,	PUNCT
arjefm-76	162	7	finance	finance	NOUN
arjefm-76	162	8	and	and	CCONJ
arjefm-76	162	9	management	management	NOUN
arjefm-76	162	10	volume	volume	NOUN
arjefm-76	162	11	11	11	NUM
arjefm-76	162	12	issue	issue	NOUN
arjefm-76	162	13	1	1	NUM
arjefm-76	162	14	,	,	PUNCT
arjefm-76	162	15	january	january	PROPN
arjefm-76	162	16	-	-	PUNCT
arjefm-76	162	17	march	march	PROPN
arjefm-76	162	18	2023	2023	NUM
arjefm-76	162	19	issn	issn	NOUN
arjefm-76	162	20	:	:	PUNCT
arjefm-76	162	21	2836	2836	NUM
arjefm-76	162	22	-	-	SYM
arjefm-76	162	23	9416	9416	NUM
arjefm-76	162	24	impact	impact	NOUN
arjefm-76	162	25	factor	factor	NOUN
arjefm-76	162	26	:	:	PUNCT
arjefm-76	162	27	5.57	5.57	NUM
arjefm-76	162	28	journal	journal	NOUN
arjefm-76	162	29	homepage	homepage	NOUN
arjefm-76	162	30	:	:	PUNCT
arjefm-76	162	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-76	162	32	,	,	PUNCT
arjefm-76	162	33	email	email	NOUN
arjefm-76	162	34	:	:	PUNCT
arjefm-76	163	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-76	163	2	official	official	ADJ
arjefm-76	163	3	journal	journal	PROPN
arjefm-76	163	4	of	of	ADP
arjefm-76	163	5	america	america	PROPN
arjefm-76	163	6	serial	serial	PROPN
arjefm-76	163	7	publication	publication	NOUN
arjefm-76	163	8	american	american	PROPN
arjefm-76	163	9	research	research	PROPN
arjefm-76	163	10	journal	journal	PROPN
arjefm-76	163	11	of	of	ADP
arjefm-76	163	12	economics	economic	NOUN
arjefm-76	163	13	,	,	PUNCT
arjefm-76	163	14	finance	finance	NOUN
arjefm-76	163	15	and	and	CCONJ
arjefm-76	163	16	management	management	NOUN
arjefm-76	163	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-76	163	18	,	,	PUNCT
arjefm-76	163	19	email	email	NOUN
arjefm-76	163	20	:	:	PUNCT
arjefm-76	163	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-76	164	1	23	23	NUM
arjefm-76	165	1	|	|	ADV
arjefm-76	165	2	p	p	X
arjefm-76	165	3	a	a	DET
arjefm-76	165	4	g	g	PROPN
arjefm-76	165	5	e	e	PROPN
arjefm-76	165	6	t	t	PROPN
arjefm-76	165	7	-	-	PUNCT
arjefm-76	165	8	statistic	statistic	NOUN
arjefm-76	165	9	prob	prob	NOUN
arjefm-76	165	10	.	.	PUNCT
arjefm-76	165	11	*	*	PUNCT
arjefm-76	165	12	augmented	augment	VERB
arjefm-76	165	13	dickey	dickey	PROPN
arjefm-76	165	14	-	-	PUNCT
arjefm-76	165	15	fuller	full	ADJ
arjefm-76	165	16	test	test	NOUN
arjefm-76	165	17	statistic	statistic	NOUN
arjefm-76	165	18	-12.52862	-12.52862	SYM
arjefm-76	165	19	0.0000	0.0000	NUM
arjefm-76	165	20	test	test	NOUN
arjefm-76	165	21	critical	critical	ADJ
arjefm-76	165	22	values	value	NOUN
arjefm-76	165	23	:	:	PUNCT
arjefm-76	166	1	1	1	NUM
arjefm-76	166	2	%	%	NOUN
arjefm-76	166	3	level	level	NOUN
arjefm-76	166	4	-3.994167	-3.994167	NOUN
arjefm-76	166	5	5	5	NUM
arjefm-76	166	6	%	%	NOUN
arjefm-76	166	7	level	level	NOUN
arjefm-76	166	8	-3.427407	-3.427407	NOUN
arjefm-76	166	9	10	10	NUM
arjefm-76	166	10	%	%	NOUN
arjefm-76	166	11	level	level	NOUN
arjefm-76	166	12	-3.137018	-3.137018	NOUN
arjefm-76	166	13	*	*	PUNCT
arjefm-76	166	14	mackinnon	mackinnon	PROPN
arjefm-76	166	15	(	(	PUNCT
arjefm-76	166	16	1996	1996	NUM
arjefm-76	166	17	)	)	PUNCT
arjefm-76	166	18	one	one	NUM
arjefm-76	166	19	-	-	PUNCT
arjefm-76	166	20	sided	sided	ADJ
arjefm-76	166	21	p	p	NOUN
arjefm-76	166	22	-	-	PUNCT
arjefm-76	166	23	values	value	NOUN
arjefm-76	166	24	.	.	PUNCT
arjefm-76	167	1	according	accord	VERB
arjefm-76	167	2	to	to	ADP
arjefm-76	167	3	mackinnon	mackinnon	PROPN
arjefm-76	167	4	τ	τ	PROPN
arjefm-76	167	5	statistics	statistics	PROPN
arjefm-76	167	6	,	,	PUNCT
arjefm-76	167	7	1	1	NUM
arjefm-76	167	8	%	%	NOUN
arjefm-76	167	9	,	,	PUNCT
arjefm-76	167	10	5	5	NUM
arjefm-76	167	11	%	%	NOUN
arjefm-76	167	12	,	,	PUNCT
arjefm-76	167	13	10	10	NUM
arjefm-76	167	14	%	%	NOUN
arjefm-76	167	15	(	(	PUNCT
arjefm-76	167	16	-3456	-3456	PROPN
arjefm-76	167	17	,	,	PUNCT
arjefm-76	167	18	-2872	-2872	PROPN
arjefm-76	167	19	,	,	PUNCT
arjefm-76	167	20	-2572	-2572	PROPN
arjefm-76	167	21	)	)	PUNCT
arjefm-76	167	22	,	,	PUNCT
arjefm-76	167	23	as	as	ADP
arjefm-76	167	24	t	t	PROPN
arjefm-76	167	25	value	value	NOUN
arjefm-76	167	26	(	(	PUNCT
arjefm-76	167	27	-12	-12	PROPN
arjefm-76	167	28	471	471	NUM
arjefm-76	167	29	)	)	PUNCT
arjefm-76	167	30	,	,	PUNCT
arjefm-76	167	31	whose	whose	DET
arjefm-76	167	32	significance	significance	NOUN
arjefm-76	167	33	levels	level	NOUN
arjefm-76	167	34	are	be	AUX
arjefm-76	167	35	calculated	calculate	VERB
arjefm-76	167	36	,	,	PUNCT
arjefm-76	167	37	is	be	AUX
arjefm-76	167	38	high	high	ADJ
arjefm-76	167	39	as	as	ADP
arjefm-76	167	40	the	the	DET
arjefm-76	167	41	absolute	absolute	ADJ
arjefm-76	167	42	value	value	NOUN
arjefm-76	167	43	,	,	PUNCT
arjefm-76	167	44	δlogbistsa	δlogbistsa	NOUN
arjefm-76	167	45	has	have	VERB
arjefm-76	167	46	unit	unit	NOUN
arjefm-76	167	47	root	root	NOUN
arjefm-76	167	48	,	,	PUNCT
arjefm-76	167	49	and	and	CCONJ
arjefm-76	167	50	the	the	DET
arjefm-76	167	51	series	series	NOUN
arjefm-76	167	52	is	be	AUX
arjefm-76	167	53	in	in	ADP
arjefm-76	167	54	stationary	stationary	ADJ
arjefm-76	167	55	state	state	NOUN
arjefm-76	167	56	.	.	PUNCT
arjefm-76	168	1	since	since	SCONJ
arjefm-76	168	2	it	it	PRON
arjefm-76	168	3	as	as	ADV
arjefm-76	168	4	large	large	ADJ
arjefm-76	168	5	as	as	ADP
arjefm-76	168	6	the	the	DET
arjefm-76	168	7	absolute	absolute	ADJ
arjefm-76	168	8	value	value	NOUN
arjefm-76	168	9	,	,	PUNCT
arjefm-76	168	10	δlogbistsa	δlogbistsa	NOUN
arjefm-76	168	11	has	have	VERB
arjefm-76	168	12	no	no	DET
arjefm-76	168	13	unit	unit	NOUN
arjefm-76	168	14	root	root	NOUN
arjefm-76	168	15	and	and	CCONJ
arjefm-76	168	16	the	the	DET
arjefm-76	168	17	series	series	NOUN
arjefm-76	168	18	is	be	AUX
arjefm-76	168	19	in	in	ADP
arjefm-76	168	20	stationary	stationary	ADJ
arjefm-76	168	21	state	state	NOUN
arjefm-76	168	22	.	.	PUNCT
arjefm-76	169	1	constant	constant	ADJ
arjefm-76	169	2	and	and	CCONJ
arjefm-76	169	3	linear	linear	ADJ
arjefm-76	169	4	trend	trend	NOUN
arjefm-76	169	5	logbistsa	logbistsa	NOUN
arjefm-76	169	6	has	have	AUX
arjefm-76	169	7	been	be	AUX
arjefm-76	169	8	cointegrated	cointegrate	VERB
arjefm-76	169	9	.	.	PUNCT
arjefm-76	170	1	the	the	DET
arjefm-76	170	2	results	result	NOUN
arjefm-76	170	3	of	of	ADP
arjefm-76	170	4	the	the	DET
arjefm-76	170	5	model	model	NOUN
arjefm-76	170	6	are	be	AUX
arjefm-76	170	7	located	locate	VERB
arjefm-76	170	8	in	in	ADP
arjefm-76	170	9	constant	constant	ADJ
arjefm-76	170	10	and	and	CCONJ
arjefm-76	170	11	trend	trend	NOUN
arjefm-76	170	12	logbistsa	logbistsa	NOUN
arjefm-76	170	13	.	.	PUNCT
arjefm-76	171	1	table	table	NOUN
arjefm-76	171	2	13	13	NUM
arjefm-76	171	3	.	.	PUNCT
arjefm-76	171	4	unit	unit	NOUN
arjefm-76	171	5	root	root	PROPN
arjefm-76	171	6	test	test	NOUN
arjefm-76	171	7	results	result	NOUN
arjefm-76	171	8	of	of	ADP
arjefm-76	171	9	fixed	fix	VERB
arjefm-76	171	10	bist	bist	ADJ
arjefm-76	171	11	variable	variable	ADJ
arjefm-76	171	12	null	null	ADJ
arjefm-76	171	13	hypothesis	hypothesis	NOUN
arjefm-76	171	14	:	:	PUNCT
arjefm-76	171	15	logbistsa	logbistsa	NOUN
arjefm-76	171	16	has	have	VERB
arjefm-76	171	17	a	a	DET
arjefm-76	171	18	unit	unit	NOUN
arjefm-76	171	19	root	root	NOUN
arjefm-76	171	20	exogenous	exogenous	ADJ
arjefm-76	172	1	:	:	PUNCT
arjefm-76	172	2	constant	constant	ADJ
arjefm-76	172	3	,	,	PUNCT
arjefm-76	172	4	linear	linear	ADJ
arjefm-76	172	5	trend	trend	NOUN
arjefm-76	172	6	lag	lag	NOUN
arjefm-76	172	7	length	length	NOUN
arjefm-76	172	8	:	:	PUNCT
arjefm-76	172	9	1	1	NUM
arjefm-76	172	10	(	(	PUNCT
arjefm-76	172	11	automatic	automatic	ADJ
arjefm-76	172	12	based	base	VERB
arjefm-76	172	13	on	on	ADP
arjefm-76	172	14	sic	sic	ADJ
arjefm-76	172	15	,	,	PUNCT
arjefm-76	172	16	maxlag=2	maxlag=2	PROPN
arjefm-76	172	17	)	)	PUNCT
arjefm-76	172	18	t	t	PROPN
arjefm-76	172	19	-	-	PUNCT
arjefm-76	172	20	statistic	statistic	NOUN
arjefm-76	172	21	prob	prob	NOUN
arjefm-76	172	22	.	.	PUNCT
arjefm-76	172	23	*	*	PUNCT
arjefm-76	172	24	augmented	augment	VERB
arjefm-76	172	25	dickey	dickey	PROPN
arjefm-76	172	26	-	-	PUNCT
arjefm-76	172	27	fuller	full	ADJ
arjefm-76	172	28	test	test	NOUN
arjefm-76	172	29	statistic	statistic	NOUN
arjefm-76	172	30	-1.121951	-1.121951	NOUN
arjefm-76	172	31	0.9223	0.9223	NUM
arjefm-76	172	32	test	test	NOUN
arjefm-76	172	33	critical	critical	ADJ
arjefm-76	172	34	values	value	NOUN
arjefm-76	172	35	:	:	PUNCT
arjefm-76	172	36	1	1	NUM
arjefm-76	172	37	%	%	NOUN
arjefm-76	172	38	level	level	NOUN
arjefm-76	172	39	-3.994167	-3.994167	NOUN
arjefm-76	172	40	5	5	NUM
arjefm-76	172	41	%	%	NOUN
arjefm-76	172	42	level	level	NOUN
arjefm-76	172	43	-3.427407	-3.427407	NOUN
arjefm-76	172	44	10	10	NUM
arjefm-76	172	45	%	%	NOUN
arjefm-76	172	46	level	level	NOUN
arjefm-76	172	47	-3.137018	-3.137018	NOUN
arjefm-76	172	48	*	*	PUNCT
arjefm-76	172	49	mackinnon	mackinnon	PROPN
arjefm-76	172	50	(	(	PUNCT
arjefm-76	172	51	1996	1996	NUM
arjefm-76	172	52	)	)	PUNCT
arjefm-76	172	53	one	one	NUM
arjefm-76	172	54	-	-	PUNCT
arjefm-76	172	55	sided	sided	ADJ
arjefm-76	172	56	p	p	NOUN
arjefm-76	172	57	-	-	PUNCT
arjefm-76	172	58	values	value	NOUN
arjefm-76	172	59	.	.	PUNCT
arjefm-76	173	1	in	in	ADP
arjefm-76	173	2	accordance	accordance	NOUN
arjefm-76	173	3	with	with	ADP
arjefm-76	173	4	t	t	PROPN
arjefm-76	173	5	statistics	statistic	NOUN
arjefm-76	173	6	given	give	VERB
arjefm-76	173	7	by	by	ADP
arjefm-76	173	8	mackinnon	mackinnon	PROPN
arjefm-76	173	9	,	,	PUNCT
arjefm-76	173	10	1	1	NUM
arjefm-76	173	11	%	%	NOUN
arjefm-76	173	12	,	,	PUNCT
arjefm-76	173	13	5	5	NUM
arjefm-76	173	14	%	%	NOUN
arjefm-76	173	15	,	,	PUNCT
arjefm-76	173	16	10	10	NUM
arjefm-76	173	17	%	%	NOUN
arjefm-76	173	18	(	(	PUNCT
arjefm-76	173	19	-3994	-3994	ADJ
arjefm-76	173	20	,	,	PUNCT
arjefm-76	173	21	-3427	-3427	INTJ
arjefm-76	173	22	,	,	PUNCT
arjefm-76	173	23	-3137	-3137	NOUN
arjefm-76	173	24	)	)	PUNCT
arjefm-76	173	25	,	,	PUNCT
arjefm-76	173	26	the	the	DET
arjefm-76	173	27	significance	significance	NOUN
arjefm-76	173	28	levels	level	NOUN
arjefm-76	173	29	of	of	ADP
arjefm-76	173	30	t	t	PROPN
arjefm-76	173	31	value	value	NOUN
arjefm-76	173	32	(	(	PUNCT
arjefm-76	173	33	-1121	-1121	INTJ
arjefm-76	173	34	)	)	PUNCT
arjefm-76	173	35	are	be	AUX
arjefm-76	173	36	calculated	calculate	VERB
arjefm-76	173	37	.	.	PUNCT
arjefm-76	174	1	it	it	PRON
arjefm-76	174	2	is	be	AUX
arjefm-76	174	3	low	low	ADJ
arjefm-76	174	4	as	as	ADP
arjefm-76	174	5	the	the	DET
arjefm-76	174	6	absolute	absolute	ADJ
arjefm-76	174	7	value	value	NOUN
arjefm-76	174	8	,	,	PUNCT
arjefm-76	174	9	logbistsa	logbistsa	NOUN
arjefm-76	174	10	has	have	VERB
arjefm-76	174	11	unit	unit	NOUN
arjefm-76	174	12	root	root	NOUN
arjefm-76	174	13	,	,	PUNCT
arjefm-76	174	14	and	and	CCONJ
arjefm-76	174	15	the	the	DET
arjefm-76	174	16	series	series	NOUN
arjefm-76	174	17	is	be	AUX
arjefm-76	174	18	not	not	PART
arjefm-76	174	19	in	in	ADP
arjefm-76	174	20	stationary	stationary	ADJ
arjefm-76	174	21	state	state	NOUN
arjefm-76	174	22	.	.	PUNCT
arjefm-76	175	1	δlogbistsa	δlogbistsa	NOUN
arjefm-76	175	2	is	be	AUX
arjefm-76	175	3	designed	design	VERB
arjefm-76	175	4	to	to	PART
arjefm-76	175	5	make	make	VERB
arjefm-76	175	6	the	the	DET
arjefm-76	175	7	new	new	ADJ
arjefm-76	175	8	series	series	NOUN
arjefm-76	175	9	stable	stable	ADJ
arjefm-76	175	10	.	.	PUNCT
arjefm-76	176	1	table	table	NOUN
arjefm-76	176	2	14	14	NUM
arjefm-76	176	3	.	.	PUNCT
arjefm-76	177	1	unit	unit	NOUN
arjefm-76	177	2	root	root	NOUN
arjefm-76	177	3	tests	test	NOUN
arjefm-76	177	4	results	result	VERB
arjefm-76	177	5	the	the	DET
arjefm-76	177	6	first	first	ADJ
arjefm-76	177	7	degree	degree	NOUN
arjefm-76	177	8	of	of	ADP
arjefm-76	177	9	difference	difference	NOUN
arjefm-76	177	10	constant	constant	ADJ
arjefm-76	177	11	and	and	CCONJ
arjefm-76	177	12	linear	linear	ADJ
arjefm-76	177	13	trend	trend	NOUN
arjefm-76	177	14	bist	bist	ADJ
arjefm-76	177	15	variable	variable	ADJ
arjefm-76	177	16	null	null	ADJ
arjefm-76	177	17	hypothesis	hypothesis	NOUN
arjefm-76	177	18	:	:	PUNCT
arjefm-76	177	19	dlogbistsa	dlogbistsa	PROPN
arjefm-76	177	20	has	have	VERB
arjefm-76	177	21	a	a	DET
arjefm-76	177	22	unit	unit	NOUN
arjefm-76	177	23	root	root	NOUN
arjefm-76	177	24	exogenous	exogenous	ADJ
arjefm-76	177	25	:	:	PUNCT
arjefm-76	177	26	constant	constant	ADJ
arjefm-76	177	27	,	,	PUNCT
arjefm-76	177	28	linear	linear	ADJ
arjefm-76	177	29	trend	trend	NOUN
arjefm-76	177	30	lag	lag	NOUN
arjefm-76	177	31	length	length	NOUN
arjefm-76	177	32	:	:	PUNCT
arjefm-76	177	33	0	0	PUNCT
arjefm-76	177	34	(	(	PUNCT
arjefm-76	177	35	automatic	automatic	ADJ
arjefm-76	177	36	based	base	VERB
arjefm-76	177	37	on	on	ADP
arjefm-76	177	38	sic	sic	ADJ
arjefm-76	177	39	,	,	PUNCT
arjefm-76	177	40	maxlag=2	maxlag=2	PROPN
arjefm-76	177	41	)	)	PUNCT
arjefm-76	177	42	t	t	PROPN
arjefm-76	177	43	-	-	PUNCT
arjefm-76	177	44	statistic	statistic	NOUN
arjefm-76	177	45	prob	prob	NOUN
arjefm-76	177	46	.	.	PUNCT
arjefm-76	177	47	*	*	PUNCT
arjefm-76	177	48	augmented	augment	VERB
arjefm-76	177	49	dickey	dickey	PROPN
arjefm-76	177	50	-	-	PUNCT
arjefm-76	177	51	fuller	full	ADJ
arjefm-76	177	52	test	test	NOUN
arjefm-76	177	53	statistic	statistic	NOUN
arjefm-76	177	54	12.52862	12.52862	NUM
arjefm-76	177	55	0.0000	0.0000	NUM
arjefm-76	177	56	test	test	NOUN
arjefm-76	177	57	critical	critical	ADJ
arjefm-76	177	58	values	value	NOUN
arjefm-76	177	59	:	:	PUNCT
arjefm-76	177	60	1	1	NUM
arjefm-76	177	61	%	%	NOUN
arjefm-76	177	62	level	level	NOUN
arjefm-76	177	63	3.994167	3.994167	NUM
arjefm-76	177	64	5	5	NUM
arjefm-76	177	65	%	%	NOUN
arjefm-76	177	66	level	level	NOUN
arjefm-76	177	67	3.427407	3.427407	NUM
arjefm-76	177	68	mailto:contact@americaserial.com	mailto:contact@americaserial.com	NOUN
arjefm-76	177	69	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-76	177	70	american	american	PROPN
arjefm-76	177	71	research	research	PROPN
arjefm-76	177	72	journal	journal	PROPN
arjefm-76	177	73	of	of	ADP
arjefm-76	177	74	economics	economic	NOUN
arjefm-76	177	75	,	,	PUNCT
arjefm-76	177	76	finance	finance	NOUN
arjefm-76	177	77	and	and	CCONJ
arjefm-76	177	78	management	management	NOUN
arjefm-76	177	79	volume	volume	NOUN
arjefm-76	177	80	11	11	NUM
arjefm-76	177	81	issue	issue	NOUN
arjefm-76	177	82	1	1	NUM
arjefm-76	177	83	,	,	PUNCT
arjefm-76	177	84	january	january	PROPN
arjefm-76	177	85	-	-	PUNCT
arjefm-76	177	86	march	march	PROPN
arjefm-76	177	87	2023	2023	NUM
arjefm-76	177	88	issn	issn	NOUN
arjefm-76	177	89	:	:	PUNCT
arjefm-76	177	90	2836	2836	NUM
arjefm-76	177	91	-	-	SYM
arjefm-76	177	92	9416	9416	NUM
arjefm-76	177	93	impact	impact	NOUN
arjefm-76	177	94	factor	factor	NOUN
arjefm-76	177	95	:	:	PUNCT
arjefm-76	177	96	5.57	5.57	NUM
arjefm-76	177	97	journal	journal	NOUN
arjefm-76	177	98	homepage	homepage	NOUN
arjefm-76	177	99	:	:	PUNCT
arjefm-76	177	100	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-76	177	101	,	,	PUNCT
arjefm-76	177	102	email	email	NOUN
arjefm-76	177	103	:	:	PUNCT
arjefm-76	177	104	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-76	177	105	official	official	ADJ
arjefm-76	177	106	journal	journal	PROPN
arjefm-76	177	107	of	of	ADP
arjefm-76	177	108	america	america	PROPN
arjefm-76	177	109	serial	serial	PROPN
arjefm-76	177	110	publication	publication	NOUN
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arjefm-76	180	14	%	%	NOUN
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arjefm-76	180	16	-3994	-3994	ADJ
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arjefm-76	180	18	-3427	-3427	INTJ
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arjefm-76	181	2	it	it	PRON
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arjefm-76	181	7	absolute	absolute	ADJ
arjefm-76	181	8	value	value	NOUN
arjefm-76	181	9	,	,	PUNCT
arjefm-76	181	10	δlogbistsa	δlogbistsa	NOUN
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arjefm-76	181	18	are	be	AUX
arjefm-76	181	19	in	in	ADP
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arjefm-76	181	21	state	state	NOUN
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arjefm-76	182	1	constant	constant	ADJ
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arjefm-76	182	3	linear	linear	ADJ
arjefm-76	182	4	trend	trend	NOUN
arjefm-76	182	5	logbistsa	logbistsa	NOUN
arjefm-76	182	6	has	have	AUX
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arjefm-76	182	8	cointegrated	cointegrate	VERB
arjefm-76	182	9	.	.	PUNCT
arjefm-76	183	1	the	the	DET
arjefm-76	183	2	logarithm	logarithm	NOUN
arjefm-76	183	3	of	of	ADP
arjefm-76	183	4	the	the	DET
arjefm-76	183	5	purchase	purchase	NOUN
arjefm-76	183	6	price	price	NOUN
arjefm-76	183	7	dollar	dollar	NOUN
arjefm-76	183	8	currency	currency	NOUN
arjefm-76	183	9	exchange	exchange	NOUN
arjefm-76	183	10	and	and	CCONJ
arjefm-76	183	11	the	the	DET
arjefm-76	183	12	seasonally	seasonally	ADV
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arjefm-76	183	16	have	have	AUX
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arjefm-76	183	21	seasonally	seasonally	ADV
arjefm-76	183	22	adjustedlogexchangesa	adjustedlogexchangesa	NOUN
arjefm-76	183	23	.	.	PUNCT
arjefm-76	184	1	the	the	DET
arjefm-76	184	2	results	result	NOUN
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arjefm-76	184	4	the	the	DET
arjefm-76	184	5	model	model	NOUN
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arjefm-76	184	10	logexchangesa	logexchangesa	NOUN
arjefm-76	184	11	.	.	PUNCT
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arjefm-76	185	14	:	:	PUNCT
arjefm-76	185	15	logexchangesa	logexchangesa	PROPN
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arjefm-76	185	17	a	a	DET
arjefm-76	185	18	unit	unit	NOUN
arjefm-76	185	19	root	root	NOUN
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arjefm-76	185	26	1	1	NUM
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arjefm-76	186	5	)	)	PUNCT
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arjefm-76	187	16	%	%	NOUN
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arjefm-76	187	29	)	)	PUNCT
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arjefm-76	187	43	.	.	PUNCT
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arjefm-76	188	17	model	model	NOUN
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arjefm-76	193	14	finance	finance	NOUN
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arjefm-76	193	16	management	management	NOUN
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arjefm-76	193	18	,	,	PUNCT
arjefm-76	193	19	email	email	NOUN
arjefm-76	193	20	:	:	PUNCT
arjefm-76	193	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-76	194	1	25	25	NUM
arjefm-76	195	1	|	|	ADV
arjefm-76	195	2	p	p	X
arjefm-76	195	3	a	a	DET
arjefm-76	195	4	g	g	NOUN
arjefm-76	195	5	e	e	NOUN
arjefm-76	195	6	in	in	ADP
arjefm-76	195	7	accordance	accordance	NOUN
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arjefm-76	195	9	t	t	PROPN
arjefm-76	195	10	statistics	statistic	NOUN
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arjefm-76	195	16	%	%	NOUN
arjefm-76	195	17	,	,	PUNCT
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arjefm-76	195	19	%	%	NOUN
arjefm-76	195	20	,	,	PUNCT
arjefm-76	195	21	10	10	NUM
arjefm-76	195	22	%	%	NOUN
arjefm-76	195	23	(	(	PUNCT
arjefm-76	195	24	-3994	-3994	ADJ
arjefm-76	195	25	,	,	PUNCT
arjefm-76	195	26	-3427	-3427	INTJ
arjefm-76	195	27	,	,	PUNCT
arjefm-76	195	28	-3137	-3137	NOUN
arjefm-76	195	29	)	)	PUNCT
arjefm-76	195	30	,	,	PUNCT
arjefm-76	195	31	the	the	DET
arjefm-76	195	32	significance	significance	NOUN
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arjefm-76	195	37	(	(	PUNCT
arjefm-76	195	38	-0272	-0272	PROPN
arjefm-76	195	39	)	)	PUNCT
arjefm-76	195	40	are	be	AUX
arjefm-76	195	41	calculated	calculate	VERB
arjefm-76	195	42	.	.	PUNCT
arjefm-76	196	1	as	as	SCONJ
arjefm-76	196	2	it	it	PRON
arjefm-76	196	3	is	be	AUX
arjefm-76	196	4	low	low	ADJ
arjefm-76	196	5	as	as	ADP
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arjefm-76	196	8	value	value	NOUN
arjefm-76	196	9	,	,	PUNCT
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arjefm-76	196	13	root	root	NOUN
arjefm-76	196	14	,	,	PUNCT
arjefm-76	196	15	and	and	CCONJ
arjefm-76	196	16	the	the	DET
arjefm-76	196	17	series	series	NOUN
arjefm-76	196	18	are	be	AUX
arjefm-76	196	19	not	not	PART
arjefm-76	196	20	in	in	ADP
arjefm-76	196	21	stationary	stationary	ADJ
arjefm-76	196	22	state	state	NOUN
arjefm-76	196	23	.	.	PUNCT
arjefm-76	197	1	δlogexchangesa	δlogexchangesa	PROPN
arjefm-76	197	2	is	be	AUX
arjefm-76	197	3	produced	produce	VERB
arjefm-76	197	4	to	to	PART
arjefm-76	197	5	make	make	VERB
arjefm-76	197	6	the	the	DET
arjefm-76	197	7	new	new	ADJ
arjefm-76	197	8	series	series	NOUN
arjefm-76	197	9	stable	stable	ADJ
arjefm-76	197	10	.	.	PUNCT
arjefm-76	198	1	table	table	NOUN
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arjefm-76	198	3	.	.	PUNCT
arjefm-76	199	1	unit	unit	NOUN
arjefm-76	199	2	root	root	NOUN
arjefm-76	199	3	tests	test	NOUN
arjefm-76	199	4	results	result	VERB
arjefm-76	199	5	the	the	DET
arjefm-76	199	6	first	first	ADJ
arjefm-76	199	7	degree	degree	NOUN
arjefm-76	199	8	of	of	ADP
arjefm-76	199	9	difference	difference	NOUN
arjefm-76	199	10	constant	constant	ADJ
arjefm-76	199	11	and	and	CCONJ
arjefm-76	199	12	linear	linear	ADJ
arjefm-76	199	13	trend	trend	NOUN
arjefm-76	199	14	exchange	exchange	NOUN
arjefm-76	199	15	variable	variable	ADJ
arjefm-76	199	16	null	null	ADJ
arjefm-76	199	17	hypothesis	hypothesis	NOUN
arjefm-76	199	18	:	:	PUNCT
arjefm-76	199	19	dlogexchangesa	dlogexchangesa	PROPN
arjefm-76	199	20	has	have	VERB
arjefm-76	199	21	a	a	DET
arjefm-76	199	22	unit	unit	NOUN
arjefm-76	199	23	root	root	NOUN
arjefm-76	199	24	exogenous	exogenous	ADJ
arjefm-76	199	25	:	:	PUNCT
arjefm-76	199	26	constant	constant	ADJ
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arjefm-76	199	29	trend	trend	NOUN
arjefm-76	199	30	lag	lag	NOUN
arjefm-76	199	31	length	length	NOUN
arjefm-76	199	32	:	:	PUNCT
arjefm-76	199	33	0	0	PUNCT
arjefm-76	200	1	(	(	PUNCT
arjefm-76	200	2	automatic	automatic	ADJ
arjefm-76	200	3	based	base	VERB
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arjefm-76	200	6	,	,	PUNCT
arjefm-76	200	7	maxlag=2	maxlag=2	PROPN
arjefm-76	200	8	)	)	PUNCT
arjefm-76	200	9	t	t	PROPN
arjefm-76	200	10	-	-	PUNCT
arjefm-76	200	11	statistic	statistic	NOUN
arjefm-76	200	12	prob	prob	NOUN
arjefm-76	200	13	.	.	PUNCT
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arjefm-76	200	16	dickey	dickey	PROPN
arjefm-76	200	17	-	-	PUNCT
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arjefm-76	200	21	-10.56528	-10.56528	SYM
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arjefm-76	200	25	values	value	NOUN
arjefm-76	200	26	:	:	PUNCT
arjefm-76	201	1	1	1	NUM
arjefm-76	201	2	%	%	NOUN
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arjefm-76	201	5	5	5	NUM
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arjefm-76	201	10	%	%	NOUN
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arjefm-76	201	16	1996	1996	NUM
arjefm-76	201	17	)	)	PUNCT
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arjefm-76	201	19	-	-	PUNCT
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arjefm-76	201	22	-	-	PUNCT
arjefm-76	201	23	values	value	NOUN
arjefm-76	201	24	.	.	PUNCT
arjefm-76	202	1	in	in	ADP
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arjefm-76	202	3	with	with	ADP
arjefm-76	202	4	mackinnon	mackinnon	PROPN
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arjefm-76	202	7	,	,	PUNCT
arjefm-76	202	8	1	1	NUM
arjefm-76	202	9	%	%	NOUN
arjefm-76	202	10	,	,	PUNCT
arjefm-76	202	11	5	5	NUM
arjefm-76	202	12	%	%	NOUN
arjefm-76	202	13	,	,	PUNCT
arjefm-76	202	14	10	10	NUM
arjefm-76	202	15	%	%	NOUN
arjefm-76	202	16	(	(	PUNCT
arjefm-76	202	17	-3994	-3994	ADJ
arjefm-76	202	18	,	,	PUNCT
arjefm-76	202	19	-3427	-3427	INTJ
arjefm-76	202	20	,	,	PUNCT
arjefm-76	202	21	-3137	-3137	NOUN
arjefm-76	202	22	)	)	PUNCT
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arjefm-76	202	30	-10	-10	SYM
arjefm-76	202	31	565	565	NUM
arjefm-76	202	32	)	)	PUNCT
arjefm-76	202	33	are	be	AUX
arjefm-76	202	34	calculated	calculate	VERB
arjefm-76	202	35	.	.	PUNCT
arjefm-76	203	1	as	as	SCONJ
arjefm-76	203	2	it	it	PRON
arjefm-76	203	3	is	be	AUX
arjefm-76	203	4	high	high	ADJ
arjefm-76	203	5	as	as	ADP
arjefm-76	203	6	the	the	DET
arjefm-76	203	7	absolute	absolute	ADJ
arjefm-76	203	8	value	value	NOUN
arjefm-76	203	9	,	,	PUNCT
arjefm-76	203	10	δlogexchangesa	δlogexchangesa	PROPN
arjefm-76	203	11	has	have	VERB
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arjefm-76	203	13	unit	unit	NOUN
arjefm-76	203	14	root	root	NOUN
arjefm-76	203	15	,	,	PUNCT
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arjefm-76	203	17	series	series	NOUN
arjefm-76	203	18	is	be	AUX
arjefm-76	203	19	in	in	ADP
arjefm-76	203	20	stationary	stationary	ADJ
arjefm-76	203	21	state	state	NOUN
arjefm-76	203	22	.	.	PUNCT
arjefm-76	204	1	constant	constant	ADJ
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arjefm-76	204	4	trend	trend	NOUN
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arjefm-76	204	9	logarithm	logarithm	NOUN
arjefm-76	204	10	of	of	ADP
arjefm-76	204	11	the	the	DET
arjefm-76	204	12	industrial	industrial	ADJ
arjefm-76	204	13	production	production	NOUN
arjefm-76	204	14	index	index	NOUN
arjefm-76	204	15	and	and	CCONJ
arjefm-76	204	16	seasonally	seasonally	ADV
arjefm-76	204	17	adjusted	adjust	VERB
arjefm-76	204	18	time	time	NOUN
arjefm-76	204	19	series	series	NOUN
arjefm-76	204	20	has	have	AUX
arjefm-76	204	21	been	be	AUX
arjefm-76	204	22	described	describe	VERB
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arjefm-76	204	26	,	,	PUNCT
arjefm-76	204	27	and	and	CCONJ
arjefm-76	204	28	the	the	DET
arjefm-76	204	29	results	result	NOUN
arjefm-76	204	30	of	of	ADP
arjefm-76	204	31	the	the	DET
arjefm-76	204	32	model	model	NOUN
arjefm-76	204	33	with	with	ADP
arjefm-76	204	34	a	a	DET
arjefm-76	204	35	constant	constant	NOUN
arjefm-76	204	36	for	for	ADP
arjefm-76	204	37	logipisa	logipisa	ADJ
arjefm-76	204	38	variable	variable	NOUN
arjefm-76	204	39	are	be	AUX
arjefm-76	204	40	presented	present	VERB
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arjefm-76	204	42	.	.	PUNCT
arjefm-76	205	1	table18	table18	PROPN
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arjefm-76	206	10	hypothesis	hypothesis	NOUN
arjefm-76	206	11	:	:	PUNCT
arjefm-76	206	12	logipisa	logipisa	NOUN
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arjefm-76	206	14	a	a	DET
arjefm-76	206	15	unit	unit	NOUN
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arjefm-76	206	17	exogenous	exogenous	ADJ
arjefm-76	206	18	:	:	PUNCT
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arjefm-76	206	22	:	:	PUNCT
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arjefm-76	207	5	)	)	PUNCT
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arjefm-76	209	30	:	:	PUNCT
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arjefm-76	210	14	finance	finance	NOUN
arjefm-76	210	15	and	and	CCONJ
arjefm-76	210	16	management	management	NOUN
arjefm-76	210	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-76	210	18	,	,	PUNCT
arjefm-76	210	19	email	email	NOUN
arjefm-76	210	20	:	:	PUNCT
arjefm-76	210	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-76	211	1	26	26	NUM
arjefm-76	212	1	|	|	ADV
arjefm-76	212	2	p	p	X
arjefm-76	212	3	a	a	DET
arjefm-76	212	4	g	g	NOUN
arjefm-76	212	5	e	e	NOUN
arjefm-76	212	6	in	in	ADP
arjefm-76	212	7	accordance	accordance	NOUN
arjefm-76	212	8	with	with	ADP
arjefm-76	212	9	t	t	PROPN
arjefm-76	212	10	statistics	statistic	NOUN
arjefm-76	212	11	given	give	VERB
arjefm-76	212	12	by	by	ADP
arjefm-76	212	13	mackinnon	mackinnon	PROPN
arjefm-76	212	14	,	,	PUNCT
arjefm-76	212	15	1	1	NUM
arjefm-76	212	16	%	%	NOUN
arjefm-76	212	17	,	,	PUNCT
arjefm-76	212	18	5	5	NUM
arjefm-76	212	19	%	%	NOUN
arjefm-76	212	20	,	,	PUNCT
arjefm-76	212	21	10	10	NUM
arjefm-76	212	22	%	%	NOUN
arjefm-76	212	23	(	(	PUNCT
arjefm-76	212	24	-3457	-3457	PROPN
arjefm-76	212	25	,	,	PUNCT
arjefm-76	212	26	-2872	-2872	PROPN
arjefm-76	212	27	,	,	PUNCT
arjefm-76	212	28	-2573	-2573	PROPN
arjefm-76	212	29	)	)	PUNCT
arjefm-76	212	30	,	,	PUNCT
arjefm-76	212	31	t	t	NOUN
arjefm-76	212	32	value	value	NOUN
arjefm-76	212	33	(	(	PUNCT
arjefm-76	212	34	-2336	-2336	NOUN
arjefm-76	212	35	)	)	PUNCT
arjefm-76	212	36	significance	significance	NOUN
arjefm-76	212	37	levels	level	NOUN
arjefm-76	212	38	are	be	AUX
arjefm-76	212	39	calculated	calculate	VERB
arjefm-76	212	40	.	.	PUNCT
arjefm-76	213	1	it	it	PRON
arjefm-76	213	2	is	be	AUX
arjefm-76	213	3	low	low	ADJ
arjefm-76	213	4	as	as	ADP
arjefm-76	213	5	the	the	DET
arjefm-76	213	6	absolute	absolute	ADJ
arjefm-76	213	7	value	value	NOUN
arjefm-76	213	8	,	,	PUNCT
arjefm-76	213	9	logipisa	logipisa	NOUN
arjefm-76	213	10	has	have	VERB
arjefm-76	213	11	unit	unit	NOUN
arjefm-76	213	12	root	root	NOUN
arjefm-76	213	13	,	,	PUNCT
arjefm-76	213	14	and	and	CCONJ
arjefm-76	213	15	the	the	DET
arjefm-76	213	16	series	series	NOUN
arjefm-76	213	17	is	be	AUX
arjefm-76	213	18	not	not	PART
arjefm-76	213	19	in	in	ADP
arjefm-76	213	20	stationary	stationary	ADJ
arjefm-76	213	21	state	state	NOUN
arjefm-76	213	22	.	.	PUNCT
arjefm-76	214	1	δlogipisa	δlogipisa	PROPN
arjefm-76	214	2	is	be	AUX
arjefm-76	214	3	designed	design	VERB
arjefm-76	214	4	to	to	PART
arjefm-76	214	5	make	make	VERB
arjefm-76	214	6	the	the	DET
arjefm-76	214	7	new	new	ADJ
arjefm-76	214	8	series	series	NOUN
arjefm-76	214	9	stable	stable	ADJ
arjefm-76	214	10	.	.	PUNCT
arjefm-76	215	1	table	table	NOUN
arjefm-76	215	2	4	4	NUM
arjefm-76	215	3	.	.	NOUN
arjefm-76	215	4	19	19	NUM
arjefm-76	215	5	.	.	X
arjefm-76	215	6	unit	unit	NOUN
arjefm-76	215	7	root	root	NOUN
arjefm-76	215	8	tests	test	NOUN
arjefm-76	215	9	results	result	VERB
arjefm-76	215	10	the	the	DET
arjefm-76	215	11	first	first	ADJ
arjefm-76	215	12	degree	degree	NOUN
arjefm-76	215	13	of	of	ADP
arjefm-76	215	14	difference	difference	NOUN
arjefm-76	215	15	constant	constant	ADJ
arjefm-76	215	16	ipi	ipi	PROPN
arjefm-76	215	17	variable	variable	ADJ
arjefm-76	215	18	null	null	ADJ
arjefm-76	215	19	hypothesis	hypothesis	NOUN
arjefm-76	215	20	:	:	PUNCT
arjefm-76	215	21	dlogipisa	dlogipisa	PROPN
arjefm-76	215	22	has	have	VERB
arjefm-76	215	23	a	a	DET
arjefm-76	215	24	unit	unit	NOUN
arjefm-76	215	25	root	root	NOUN
arjefm-76	215	26	exogenous	exogenous	ADJ
arjefm-76	215	27	:	:	PUNCT
arjefm-76	215	28	constant	constant	ADJ
arjefm-76	215	29	lag	lag	NOUN
arjefm-76	215	30	length	length	NOUN
arjefm-76	215	31	:	:	PUNCT
arjefm-76	215	32	0	0	NUM
arjefm-76	216	1	(	(	PUNCT
arjefm-76	216	2	automatic	automatic	ADJ
arjefm-76	216	3	based	base	VERB
arjefm-76	216	4	on	on	ADP
arjefm-76	216	5	sic	sic	ADJ
arjefm-76	216	6	,	,	PUNCT
arjefm-76	216	7	maxlag=2	maxlag=2	PROPN
arjefm-76	216	8	)	)	PUNCT
arjefm-76	216	9	t	t	PROPN
arjefm-76	216	10	-	-	PUNCT
arjefm-76	216	11	statistic	statistic	NOUN
arjefm-76	216	12	prob	prob	NOUN
arjefm-76	216	13	.	.	PUNCT
arjefm-76	216	14	*	*	PUNCT
arjefm-76	216	15	augmented	augment	VERB
arjefm-76	216	16	dickey	dickey	PROPN
arjefm-76	216	17	-	-	PUNCT
arjefm-76	216	18	fuller	full	ADJ
arjefm-76	216	19	test	test	NOUN
arjefm-76	216	20	statistic	statistic	NOUN
arjefm-76	216	21	-24.30972	-24.30972	PUNCT
arjefm-76	216	22	0.0000	0.0000	NUM
arjefm-76	216	23	test	test	NOUN
arjefm-76	216	24	critical	critical	ADJ
arjefm-76	216	25	values	value	NOUN
arjefm-76	216	26	:	:	PUNCT
arjefm-76	216	27	1	1	NUM
arjefm-76	216	28	%	%	NOUN
arjefm-76	216	29	level	level	NOUN
arjefm-76	216	30	-3.455685	-3.455685	NOUN
arjefm-76	216	31	5	5	NUM
arjefm-76	216	32	%	%	NOUN
arjefm-76	216	33	level	level	NOUN
arjefm-76	216	34	-2.872586	-2.872586	NOUN
arjefm-76	216	35	10	10	NUM
arjefm-76	216	36	%	%	NOUN
arjefm-76	216	37	level	level	NOUN
arjefm-76	216	38	-2.572730	-2.572730	PUNCT
arjefm-76	217	1	*	*	PUNCT
arjefm-76	217	2	mackinnon	mackinnon	PROPN
arjefm-76	217	3	(	(	PUNCT
arjefm-76	217	4	1996	1996	NUM
arjefm-76	217	5	)	)	PUNCT
arjefm-76	217	6	one	one	NUM
arjefm-76	217	7	-	-	PUNCT
arjefm-76	217	8	sided	sided	ADJ
arjefm-76	217	9	p	p	NOUN
arjefm-76	217	10	-	-	PUNCT
arjefm-76	217	11	values	value	NOUN
arjefm-76	217	12	.	.	PUNCT
arjefm-76	218	1	according	accord	VERB
arjefm-76	218	2	to	to	ADP
arjefm-76	218	3	mackinnon	mackinnon	PROPN
arjefm-76	218	4	τ	τ	PROPN
arjefm-76	218	5	statistics	statistic	NOUN
arjefm-76	218	6	given	give	VERB
arjefm-76	218	7	as	as	ADP
arjefm-76	218	8	1	1	NUM
arjefm-76	218	9	%	%	NOUN
arjefm-76	218	10	,	,	PUNCT
arjefm-76	218	11	5	5	NUM
arjefm-76	218	12	%	%	NOUN
arjefm-76	218	13	,	,	PUNCT
arjefm-76	218	14	10	10	NUM
arjefm-76	218	15	%	%	NOUN
arjefm-76	218	16	(	(	PUNCT
arjefm-76	218	17	-3457	-3457	PROPN
arjefm-76	218	18	,	,	PUNCT
arjefm-76	218	19	-2873	-2873	INTJ
arjefm-76	218	20	,	,	PUNCT
arjefm-76	218	21	-2573	-2573	PROPN
arjefm-76	218	22	)	)	PUNCT
arjefm-76	218	23	,	,	PUNCT
arjefm-76	218	24	t	t	NOUN
arjefm-76	218	25	value	value	NOUN
arjefm-76	218	26	(	(	PUNCT
arjefm-76	218	27	-24	-24	NOUN
arjefm-76	218	28	309	309	NUM
arjefm-76	218	29	)	)	PUNCT
arjefm-76	218	30	significance	significance	NOUN
arjefm-76	218	31	levels	level	NOUN
arjefm-76	218	32	are	be	AUX
arjefm-76	218	33	calculated	calculate	VERB
arjefm-76	218	34	.	.	PUNCT
arjefm-76	219	1	since	since	SCONJ
arjefm-76	219	2	it	it	PRON
arjefm-76	219	3	is	be	AUX
arjefm-76	219	4	low	low	ADJ
arjefm-76	219	5	as	as	SCONJ
arjefm-76	219	6	the	the	DET
arjefm-76	219	7	absolute	absolute	ADJ
arjefm-76	219	8	δlogipisa	δlogipisa	NOUN
arjefm-76	219	9	has	have	VERB
arjefm-76	219	10	no	no	DET
arjefm-76	219	11	unit	unit	NOUN
arjefm-76	219	12	root	root	NOUN
arjefm-76	219	13	;	;	PUNCT
arjefm-76	219	14	the	the	DET
arjefm-76	219	15	series	series	NOUN
arjefm-76	219	16	is	be	AUX
arjefm-76	219	17	stationary	stationary	ADJ
arjefm-76	219	18	.	.	PUNCT
arjefm-76	220	1	constant	constant	ADJ
arjefm-76	220	2	and	and	CCONJ
arjefm-76	220	3	linear	linear	ADJ
arjefm-76	220	4	trend	trend	NOUN
arjefm-76	220	5	δlogipisa	δlogipisa	NOUN
arjefm-76	220	6	has	have	AUX
arjefm-76	220	7	been	be	AUX
arjefm-76	220	8	cointegrated	cointegrate	VERB
arjefm-76	220	9	.	.	PUNCT
arjefm-76	221	1	the	the	DET
arjefm-76	221	2	results	result	NOUN
arjefm-76	221	3	of	of	ADP
arjefm-76	221	4	the	the	DET
arjefm-76	221	5	model	model	NOUN
arjefm-76	221	6	are	be	AUX
arjefm-76	221	7	located	locate	VERB
arjefm-76	221	8	in	in	ADP
arjefm-76	221	9	constant	constant	ADJ
arjefm-76	221	10	and	and	CCONJ
arjefm-76	221	11	trend	trend	NOUN
arjefm-76	221	12	logipisa	logipisa	NOUN
arjefm-76	221	13	.	.	PUNCT
arjefm-76	222	1	table	table	NOUN
arjefm-76	222	2	20	20	NUM
arjefm-76	222	3	.	.	PUNCT
arjefm-76	223	1	unit	unit	NOUN
arjefm-76	223	2	root	root	NOUN
arjefm-76	223	3	tests	test	VERB
arjefm-76	223	4	results	result	NOUN
arjefm-76	223	5	of	of	ADP
arjefm-76	223	6	constant	constant	ADJ
arjefm-76	223	7	and	and	CCONJ
arjefm-76	223	8	linear	linear	ADJ
arjefm-76	223	9	trend	trend	NOUN
arjefm-76	223	10	ipi	ipi	PROPN
arjefm-76	223	11	variable	variable	ADJ
arjefm-76	223	12	null	null	ADJ
arjefm-76	223	13	hypothesis	hypothesis	NOUN
arjefm-76	223	14	:	:	PUNCT
arjefm-76	223	15	logipisa	logipisa	NOUN
arjefm-76	223	16	has	have	VERB
arjefm-76	223	17	a	a	DET
arjefm-76	223	18	unit	unit	NOUN
arjefm-76	223	19	root	root	NOUN
arjefm-76	223	20	exogenous	exogenous	ADJ
arjefm-76	223	21	:	:	PUNCT
arjefm-76	223	22	constant	constant	ADJ
arjefm-76	223	23	,	,	PUNCT
arjefm-76	223	24	linear	linear	ADJ
arjefm-76	223	25	trend	trend	NOUN
arjefm-76	223	26	lag	lag	NOUN
arjefm-76	223	27	length	length	NOUN
arjefm-76	223	28	:	:	PUNCT
arjefm-76	223	29	1	1	NUM
arjefm-76	223	30	(	(	PUNCT
arjefm-76	223	31	automatic	automatic	ADJ
arjefm-76	223	32	based	base	VERB
arjefm-76	223	33	on	on	ADP
arjefm-76	223	34	sic	sic	ADJ
arjefm-76	223	35	,	,	PUNCT
arjefm-76	223	36	maxlag=2	maxlag=2	PROPN
arjefm-76	223	37	)	)	PUNCT
arjefm-76	223	38	t	t	PROPN
arjefm-76	223	39	-	-	PUNCT
arjefm-76	223	40	statistic	statistic	NOUN
arjefm-76	223	41	prob	prob	NOUN
arjefm-76	223	42	.	.	PUNCT
arjefm-76	223	43	*	*	PUNCT
arjefm-76	223	44	augmented	augment	VERB
arjefm-76	223	45	dickey	dickey	PROPN
arjefm-76	223	46	-	-	PUNCT
arjefm-76	223	47	fuller	full	ADJ
arjefm-76	223	48	test	test	NOUN
arjefm-76	223	49	statistic	statistic	NOUN
arjefm-76	223	50	-3.554144	-3.554144	NOUN
arjefm-76	223	51	0.0359	0.0359	NUM
arjefm-76	223	52	test	test	NOUN
arjefm-76	223	53	critical	critical	ADJ
arjefm-76	223	54	values	value	NOUN
arjefm-76	223	55	:	:	PUNCT
arjefm-76	224	1	1	1	NUM
arjefm-76	224	2	%	%	NOUN
arjefm-76	224	3	level	level	NOUN
arjefm-76	224	4	-3.994167	-3.994167	NOUN
arjefm-76	224	5	5	5	NUM
arjefm-76	224	6	%	%	NOUN
arjefm-76	224	7	level	level	NOUN
arjefm-76	224	8	-3.427407	-3.427407	NOUN
arjefm-76	224	9	10	10	NUM
arjefm-76	224	10	%	%	NOUN
arjefm-76	224	11	level	level	NOUN
arjefm-76	224	12	-3.137018	-3.137018	NOUN
arjefm-76	224	13	*	*	PUNCT
arjefm-76	224	14	mackinnon	mackinnon	PROPN
arjefm-76	224	15	(	(	PUNCT
arjefm-76	224	16	1996	1996	NUM
arjefm-76	224	17	)	)	PUNCT
arjefm-76	224	18	one	one	NUM
arjefm-76	224	19	-	-	PUNCT
arjefm-76	224	20	sided	sided	ADJ
arjefm-76	224	21	p	p	NOUN
arjefm-76	224	22	-	-	PUNCT
arjefm-76	224	23	values	value	NOUN
arjefm-76	224	24	.	.	PUNCT
arjefm-76	225	1	in	in	ADP
arjefm-76	225	2	accordance	accordance	NOUN
arjefm-76	225	3	with	with	ADP
arjefm-76	225	4	t	t	PROPN
arjefm-76	225	5	statistics	statistic	NOUN
arjefm-76	225	6	given	give	VERB
arjefm-76	225	7	by	by	ADP
arjefm-76	225	8	mackinnon	mackinnon	PROPN
arjefm-76	225	9	,	,	PUNCT
arjefm-76	225	10	1	1	NUM
arjefm-76	225	11	%	%	NOUN
arjefm-76	225	12	,	,	PUNCT
arjefm-76	225	13	5	5	NUM
arjefm-76	225	14	%	%	NOUN
arjefm-76	225	15	,	,	PUNCT
arjefm-76	225	16	10	10	NUM
arjefm-76	225	17	%	%	NOUN
arjefm-76	225	18	(	(	PUNCT
arjefm-76	225	19	-3994	-3994	ADJ
arjefm-76	225	20	,	,	PUNCT
arjefm-76	225	21	-3427	-3427	INTJ
arjefm-76	225	22	,	,	PUNCT
arjefm-76	225	23	-3137	-3137	NOUN
arjefm-76	225	24	)	)	PUNCT
arjefm-76	225	25	,	,	PUNCT
arjefm-76	225	26	as	as	SCONJ
arjefm-76	225	27	t	t	PROPN
arjefm-76	225	28	value	value	NOUN
arjefm-76	225	29	(	(	PUNCT
arjefm-76	225	30	3554	3554	NUM
arjefm-76	225	31	)	)	PUNCT
arjefm-76	225	32	,	,	PUNCT
arjefm-76	225	33	whose	whose	DET
arjefm-76	225	34	significance	significance	NOUN
arjefm-76	225	35	level	level	NOUN
arjefm-76	225	36	is	be	AUX
arjefm-76	225	37	calculated	calculate	VERB
arjefm-76	225	38	,	,	PUNCT
arjefm-76	225	39	is	be	AUX
arjefm-76	225	40	high	high	ADJ
arjefm-76	225	41	as	as	SCONJ
arjefm-76	225	42	the	the	DET
arjefm-76	225	43	absolute	absolute	ADJ
arjefm-76	225	44	value	value	NOUN
arjefm-76	225	45	logipisa	logipisa	NOUN
arjefm-76	225	46	has	have	VERB
arjefm-76	225	47	no	no	DET
arjefm-76	225	48	unit	unit	NOUN
arjefm-76	225	49	root	root	NOUN
arjefm-76	225	50	.	.	PUNCT
arjefm-76	226	1	constant	constant	ADJ
arjefm-76	226	2	and	and	CCONJ
arjefm-76	226	3	linear	linear	ADJ
arjefm-76	226	4	trend	trend	NOUN
arjefm-76	226	5	δlogipisa	δlogipisa	NOUN
arjefm-76	226	6	has	have	AUX
arjefm-76	226	7	been	be	AUX
arjefm-76	226	8	cointegrated	cointegrate	VERB
arjefm-76	226	9	.	.	PUNCT
arjefm-76	227	1	the	the	DET
arjefm-76	227	2	logarithm	logarithm	NOUN
arjefm-76	227	3	of	of	ADP
arjefm-76	227	4	banking	banking	NOUN
arjefm-76	227	5	sector	sector	NOUN
arjefm-76	227	6	domestic	domestic	ADJ
arjefm-76	227	7	credit	credit	NOUN
arjefm-76	227	8	volume	volume	NOUN
arjefm-76	227	9	and	and	CCONJ
arjefm-76	227	10	the	the	DET
arjefm-76	227	11	seasonally	seasonally	ADV
arjefm-76	227	12	adjusted	adjust	VERB
arjefm-76	227	13	figure	figure	NOUN
arjefm-76	227	14	is	be	AUX
arjefm-76	227	15	described	describe	VERB
arjefm-76	227	16	as	as	ADP
arjefm-76	227	17	logcreditsa	logcreditsa	NOUN
arjefm-76	227	18	.	.	PUNCT
arjefm-76	228	1	the	the	DET
arjefm-76	228	2	results	result	NOUN
arjefm-76	228	3	of	of	ADP
arjefm-76	228	4	the	the	DET
arjefm-76	228	5	model	model	NOUN
arjefm-76	228	6	with	with	ADP
arjefm-76	228	7	a	a	DET
arjefm-76	228	8	constant	constant	NOUN
arjefm-76	228	9	for	for	ADP
arjefm-76	228	10	logcreditsa	logcreditsa	NOUN
arjefm-76	228	11	variable	variable	NOUN
arjefm-76	228	12	are	be	AUX
arjefm-76	228	13	displayed	display	VERB
arjefm-76	228	14	below	below	ADV
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arjefm-76	230	20	:	:	PUNCT
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arjefm-76	230	30	:	:	PUNCT
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arjefm-76	231	1	contact@americaserial.com	contact@americaserial.com	PROPN
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arjefm-76	231	16	management	management	NOUN
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arjefm-76	231	18	,	,	PUNCT
arjefm-76	231	19	email	email	NOUN
arjefm-76	231	20	:	:	PUNCT
arjefm-76	231	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-76	232	1	27	27	NUM
arjefm-76	233	1	|	|	ADV
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arjefm-76	233	8	.	.	SYM
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arjefm-76	233	10	.	.	PUNCT
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arjefm-76	234	22	:	:	PUNCT
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arjefm-76	234	29	,	,	PUNCT
arjefm-76	234	30	maxlag=2	maxlag=2	PROPN
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arjefm-76	234	49	:	:	PUNCT
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arjefm-76	235	5	)	)	PUNCT
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arjefm-76	235	7	-	-	PUNCT
arjefm-76	235	8	sided	sided	ADJ
arjefm-76	235	9	p	p	NOUN
arjefm-76	235	10	-	-	PUNCT
arjefm-76	235	11	values	value	NOUN
arjefm-76	235	12	.	.	PUNCT
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arjefm-76	236	2	to	to	ADP
arjefm-76	236	3	τ	τ	PROPN
arjefm-76	236	4	statistics	statistic	NOUN
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arjefm-76	236	6	by	by	ADP
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arjefm-76	236	8	,	,	PUNCT
arjefm-76	236	9	1	1	NUM
arjefm-76	236	10	%	%	NOUN
arjefm-76	236	11	,	,	PUNCT
arjefm-76	236	12	5	5	NUM
arjefm-76	236	13	%	%	NOUN
arjefm-76	236	14	,	,	PUNCT
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arjefm-76	236	16	%	%	NOUN
arjefm-76	236	17	(	(	PUNCT
arjefm-76	236	18	-3456	-3456	PROPN
arjefm-76	236	19	,	,	PUNCT
arjefm-76	236	20	-2873	-2873	INTJ
arjefm-76	236	21	,	,	PUNCT
arjefm-76	236	22	-2573	-2573	PROPN
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arjefm-76	236	24	,	,	PUNCT
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arjefm-76	236	26	t	t	PROPN
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arjefm-76	236	28	(	(	PUNCT
arjefm-76	236	29	-4549	-4549	NOUN
arjefm-76	236	30	)	)	PUNCT
arjefm-76	236	31	,	,	PUNCT
arjefm-76	236	32	whose	whose	DET
arjefm-76	236	33	significance	significance	NOUN
arjefm-76	236	34	levels	level	NOUN
arjefm-76	236	35	are	be	AUX
arjefm-76	236	36	calculated	calculate	VERB
arjefm-76	236	37	,	,	PUNCT
arjefm-76	236	38	is	be	AUX
arjefm-76	236	39	high	high	ADJ
arjefm-76	236	40	as	as	ADP
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arjefm-76	236	43	,	,	PUNCT
arjefm-76	236	44	logcreditsa	logcreditsa	NOUN
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arjefm-76	236	46	no	no	DET
arjefm-76	236	47	unit	unit	NOUN
arjefm-76	236	48	root	root	NOUN
arjefm-76	236	49	and	and	CCONJ
arjefm-76	236	50	the	the	DET
arjefm-76	236	51	series	series	NOUN
arjefm-76	236	52	is	be	AUX
arjefm-76	236	53	in	in	ADP
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arjefm-76	236	56	.	.	PUNCT
arjefm-76	237	1	table	table	NOUN
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arjefm-76	237	4	22	22	NUM
arjefm-76	237	5	.	.	PUNCT
arjefm-76	238	1	unit	unit	NOUN
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arjefm-76	238	3	test	test	NOUN
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arjefm-76	238	5	of	of	ADP
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arjefm-76	238	10	trend	trend	NOUN
arjefm-76	238	11	credit	credit	NOUN
arjefm-76	238	12	variable	variable	ADJ
arjefm-76	238	13	null	null	ADJ
arjefm-76	238	14	hypothesis	hypothesis	NOUN
arjefm-76	238	15	:	:	PUNCT
arjefm-76	238	16	logcreditsa	logcreditsa	NOUN
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arjefm-76	238	19	unit	unit	NOUN
arjefm-76	238	20	root	root	NOUN
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arjefm-76	238	22	:	:	PUNCT
arjefm-76	238	23	constant	constant	ADJ
arjefm-76	238	24	,	,	PUNCT
arjefm-76	238	25	linear	linear	ADJ
arjefm-76	238	26	trend	trend	NOUN
arjefm-76	238	27	lag	lag	NOUN
arjefm-76	238	28	length	length	NOUN
arjefm-76	238	29	:	:	PUNCT
arjefm-76	238	30	1	1	NUM
arjefm-76	238	31	(	(	PUNCT
arjefm-76	238	32	automatic	automatic	ADJ
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arjefm-76	238	34	on	on	ADP
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arjefm-76	238	36	,	,	PUNCT
arjefm-76	238	37	maxlag=2	maxlag=2	PROPN
arjefm-76	238	38	)	)	PUNCT
arjefm-76	238	39	t	t	PROPN
arjefm-76	238	40	-	-	PUNCT
arjefm-76	238	41	statistic	statistic	NOUN
arjefm-76	238	42	prob	prob	NOUN
arjefm-76	238	43	.	.	PUNCT
arjefm-76	238	44	*	*	PUNCT
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arjefm-76	238	46	dickey	dickey	PROPN
arjefm-76	238	47	-	-	PUNCT
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arjefm-76	238	49	test	test	NOUN
arjefm-76	238	50	statistic	statistic	NOUN
arjefm-76	238	51	-0.691602	-0.691602	X
arjefm-76	238	52	0.9720	0.9720	NUM
arjefm-76	238	53	test	test	NOUN
arjefm-76	238	54	critical	critical	ADJ
arjefm-76	238	55	values	value	NOUN
arjefm-76	238	56	:	:	PUNCT
arjefm-76	238	57	1	1	NUM
arjefm-76	238	58	%	%	NOUN
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arjefm-76	238	65	10	10	NUM
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arjefm-76	239	17	%	%	NOUN
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arjefm-76	239	21	-3427	-3427	INTJ
arjefm-76	239	22	,	,	PUNCT
arjefm-76	239	23	-3137	-3137	NOUN
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arjefm-76	240	7	value	value	NOUN
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arjefm-76	241	1	δlogcreditsa	δlogcreditsa	PROPN
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arjefm-76	243	42	-	-	PUNCT
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arjefm-76	245	20	:	:	PUNCT
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arjefm-76	247	1	|	|	ADV
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arjefm-76	249	1	in	in	ADP
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arjefm-76	249	17	%	%	NOUN
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arjefm-76	249	49	unit	unit	NOUN
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arjefm-76	251	5	consumer	consumer	NOUN
arjefm-76	251	6	price	price	NOUN
arjefm-76	251	7	index	index	NOUN
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arjefm-76	251	9	the	the	DET
arjefm-76	251	10	seasonally	seasonally	ADV
arjefm-76	251	11	adjusted	adjust	VERB
arjefm-76	251	12	figure	figure	NOUN
arjefm-76	251	13	has	have	AUX
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arjefm-76	252	1	the	the	DET
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arjefm-76	253	3	.	.	X
arjefm-76	253	4	24	24	NUM
arjefm-76	253	5	.	.	PUNCT
arjefm-76	253	6	unit	unit	NOUN
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arjefm-76	253	9	results	result	NOUN
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arjefm-76	253	12	cpi	cpi	PROPN
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arjefm-76	253	16	:	:	PUNCT
arjefm-76	253	17	logcpisa	logcpisa	NOUN
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arjefm-76	253	27	:	:	PUNCT
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arjefm-76	258	21	root	root	NOUN
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arjefm-76	258	27	:	:	PUNCT
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arjefm-76	260	1	*	*	PUNCT
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arjefm-76	260	3	(	(	PUNCT
arjefm-76	260	4	1996	1996	NUM
arjefm-76	260	5	)	)	PUNCT
arjefm-76	260	6	one	one	NUM
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arjefm-76	260	10	-	-	PUNCT
arjefm-76	260	11	values	value	NOUN
arjefm-76	260	12	.	.	PUNCT
arjefm-76	261	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
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arjefm-76	262	7	finance	finance	NOUN
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arjefm-76	262	9	management	management	NOUN
arjefm-76	262	10	volume	volume	NOUN
arjefm-76	262	11	11	11	NUM
arjefm-76	262	12	issue	issue	NOUN
arjefm-76	262	13	1	1	NUM
arjefm-76	262	14	,	,	PUNCT
arjefm-76	262	15	january	january	PROPN
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arjefm-76	262	19	issn	issn	NOUN
arjefm-76	262	20	:	:	PUNCT
arjefm-76	262	21	2836	2836	NUM
arjefm-76	262	22	-	-	SYM
arjefm-76	262	23	9416	9416	NUM
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arjefm-76	262	26	:	:	PUNCT
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arjefm-76	262	30	:	:	PUNCT
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arjefm-76	262	32	,	,	PUNCT
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arjefm-76	262	34	:	:	PUNCT
arjefm-76	263	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-76	263	2	official	official	ADJ
arjefm-76	263	3	journal	journal	PROPN
arjefm-76	263	4	of	of	ADP
arjefm-76	263	5	america	america	PROPN
arjefm-76	263	6	serial	serial	PROPN
arjefm-76	263	7	publication	publication	NOUN
arjefm-76	263	8	american	american	PROPN
arjefm-76	263	9	research	research	PROPN
arjefm-76	263	10	journal	journal	PROPN
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arjefm-76	263	13	,	,	PUNCT
arjefm-76	263	14	finance	finance	NOUN
arjefm-76	263	15	and	and	CCONJ
arjefm-76	263	16	management	management	NOUN
arjefm-76	263	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-76	263	18	,	,	PUNCT
arjefm-76	263	19	email	email	NOUN
arjefm-76	263	20	:	:	PUNCT
arjefm-76	263	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-76	264	1	29	29	NUM
arjefm-76	265	1	|	|	ADV
arjefm-76	265	2	p	p	X
arjefm-76	265	3	a	a	DET
arjefm-76	265	4	g	g	NOUN
arjefm-76	265	5	e	e	NOUN
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arjefm-76	265	8	mackinnon	mackinnon	PROPN
arjefm-76	265	9	τ	τ	PROPN
arjefm-76	265	10	statistics	statistics	PROPN
arjefm-76	265	11	,	,	PUNCT
arjefm-76	265	12	1	1	NUM
arjefm-76	265	13	%	%	NOUN
arjefm-76	265	14	,	,	PUNCT
arjefm-76	265	15	5	5	NUM
arjefm-76	265	16	%	%	NOUN
arjefm-76	265	17	,	,	PUNCT
arjefm-76	265	18	10	10	NUM
arjefm-76	265	19	%	%	NOUN
arjefm-76	265	20	(	(	PUNCT
arjefm-76	265	21	-3455	-3455	INTJ
arjefm-76	265	22	,	,	PUNCT
arjefm-76	265	23	-2872	-2872	PROPN
arjefm-76	265	24	,	,	PUNCT
arjefm-76	265	25	-2572	-2572	PROPN
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arjefm-76	265	27	,	,	PUNCT
arjefm-76	265	28	since	since	SCONJ
arjefm-76	265	29	t	t	NOUN
arjefm-76	265	30	value	value	NOUN
arjefm-76	265	31	(	(	PUNCT
arjefm-76	265	32	-15	-15	NOUN
arjefm-76	265	33	942	942	NUM
arjefm-76	265	34	)	)	PUNCT
arjefm-76	265	35	,	,	PUNCT
arjefm-76	265	36	whose	whose	DET
arjefm-76	265	37	significance	significance	NOUN
arjefm-76	265	38	levels	level	NOUN
arjefm-76	265	39	are	be	AUX
arjefm-76	265	40	calculated	calculate	VERB
arjefm-76	265	41	,	,	PUNCT
arjefm-76	265	42	is	be	AUX
arjefm-76	265	43	high	high	ADJ
arjefm-76	265	44	as	as	ADP
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arjefm-76	265	47	value	value	NOUN
arjefm-76	265	48	,	,	PUNCT
arjefm-76	265	49	δlogcpisa	δlogcpisa	NOUN
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arjefm-76	265	51	no	no	DET
arjefm-76	265	52	unit	unit	NOUN
arjefm-76	265	53	root	root	NOUN
arjefm-76	265	54	;	;	PUNCT
arjefm-76	265	55	the	the	DET
arjefm-76	265	56	series	series	NOUN
arjefm-76	265	57	is	be	AUX
arjefm-76	265	58	in	in	ADP
arjefm-76	265	59	stationary	stationary	ADJ
arjefm-76	265	60	state	state	NOUN
arjefm-76	265	61	.	.	PUNCT
arjefm-76	266	1	constant	constant	ADJ
arjefm-76	266	2	and	and	CCONJ
arjefm-76	266	3	linear	linear	ADJ
arjefm-76	266	4	trend	trend	NOUN
arjefm-76	266	5	δlogcpisa	δlogcpisa	NOUN
arjefm-76	266	6	has	have	AUX
arjefm-76	266	7	been	be	AUX
arjefm-76	266	8	cointegrated	cointegrate	VERB
arjefm-76	266	9	.	.	PUNCT
arjefm-76	267	1	the	the	DET
arjefm-76	267	2	results	result	NOUN
arjefm-76	267	3	of	of	ADP
arjefm-76	267	4	the	the	DET
arjefm-76	267	5	model	model	NOUN
arjefm-76	267	6	are	be	AUX
arjefm-76	267	7	located	locate	VERB
arjefm-76	267	8	in	in	ADP
arjefm-76	267	9	constant	constant	ADJ
arjefm-76	267	10	and	and	CCONJ
arjefm-76	267	11	trend	trend	NOUN
arjefm-76	267	12	logcpisa	logcpisa	NOUN
arjefm-76	267	13	.	.	PUNCT
arjefm-76	268	1	table	table	NOUN
arjefm-76	268	2	4	4	NUM
arjefm-76	268	3	.	.	NOUN
arjefm-76	268	4	26	26	NUM
arjefm-76	268	5	.	.	PUNCT
arjefm-76	269	1	unit	unit	NOUN
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arjefm-76	269	3	test	test	NOUN
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arjefm-76	269	5	of	of	ADP
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arjefm-76	269	8	linear	linear	ADJ
arjefm-76	269	9	trend	trend	NOUN
arjefm-76	269	10	cpi	cpi	PROPN
arjefm-76	269	11	variable	variable	PROPN
arjefm-76	269	12	null	null	ADJ
arjefm-76	269	13	hypothesis	hypothesis	NOUN
arjefm-76	269	14	:	:	PUNCT
arjefm-76	269	15	logcpisa	logcpisa	NOUN
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arjefm-76	269	17	a	a	DET
arjefm-76	269	18	unit	unit	NOUN
arjefm-76	269	19	root	root	NOUN
arjefm-76	269	20	exogenous	exogenous	ADJ
arjefm-76	269	21	:	:	PUNCT
arjefm-76	269	22	constant	constant	ADJ
arjefm-76	269	23	,	,	PUNCT
arjefm-76	269	24	linear	linear	ADJ
arjefm-76	269	25	trend	trend	NOUN
arjefm-76	269	26	lag	lag	NOUN
arjefm-76	269	27	length	length	NOUN
arjefm-76	269	28	:	:	PUNCT
arjefm-76	269	29	0	0	PUNCT
arjefm-76	270	1	(	(	PUNCT
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arjefm-76	270	3	based	base	VERB
arjefm-76	270	4	on	on	ADP
arjefm-76	270	5	sic	sic	ADJ
arjefm-76	270	6	,	,	PUNCT
arjefm-76	270	7	maxlag=2	maxlag=2	PROPN
arjefm-76	270	8	)	)	PUNCT
arjefm-76	270	9	t	t	PROPN
arjefm-76	270	10	-	-	PUNCT
arjefm-76	270	11	statistic	statistic	NOUN
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arjefm-76	270	13	.	.	PUNCT
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arjefm-76	270	15	augmented	augment	VERB
arjefm-76	270	16	dickey	dickey	PROPN
arjefm-76	270	17	-	-	PUNCT
arjefm-76	270	18	fuller	full	ADJ
arjefm-76	270	19	test	test	NOUN
arjefm-76	270	20	statistic	statistic	NOUN
arjefm-76	270	21	-2.012527	-2.012527	NOUN
arjefm-76	270	22	0.5913	0.5913	NUM
arjefm-76	270	23	test	test	NOUN
arjefm-76	270	24	critical	critical	ADJ
arjefm-76	270	25	values	value	NOUN
arjefm-76	270	26	:	:	PUNCT
arjefm-76	270	27	1	1	NUM
arjefm-76	270	28	%	%	NOUN
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arjefm-76	270	31	5	5	NUM
arjefm-76	270	32	%	%	NOUN
arjefm-76	270	33	level	level	NOUN
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arjefm-76	270	36	%	%	NOUN
arjefm-76	270	37	level	level	NOUN
arjefm-76	270	38	-3.136978	-3.136978	NOUN
arjefm-76	270	39	*	*	X
arjefm-76	270	40	mackinnon	mackinnon	PROPN
arjefm-76	270	41	(	(	PUNCT
arjefm-76	270	42	1996	1996	NUM
arjefm-76	270	43	)	)	PUNCT
arjefm-76	270	44	one	one	NUM
arjefm-76	270	45	-	-	PUNCT
arjefm-76	270	46	sided	sided	ADJ
arjefm-76	270	47	p	p	NOUN
arjefm-76	270	48	-	-	PUNCT
arjefm-76	270	49	values	value	NOUN
arjefm-76	270	50	.	.	PUNCT
arjefm-76	271	1	in	in	ADP
arjefm-76	271	2	accordance	accordance	NOUN
arjefm-76	271	3	with	with	ADP
arjefm-76	271	4	t	t	PROPN
arjefm-76	271	5	statistics	statistic	NOUN
arjefm-76	271	6	given	give	VERB
arjefm-76	271	7	by	by	ADP
arjefm-76	271	8	mackinnon	mackinnon	PROPN
arjefm-76	271	9	,	,	PUNCT
arjefm-76	271	10	1	1	NUM
arjefm-76	271	11	%	%	NOUN
arjefm-76	271	12	,	,	PUNCT
arjefm-76	271	13	5	5	NUM
arjefm-76	271	14	%	%	NOUN
arjefm-76	271	15	,	,	PUNCT
arjefm-76	271	16	10	10	NUM
arjefm-76	271	17	%	%	NOUN
arjefm-76	271	18	(	(	PUNCT
arjefm-76	271	19	-3994	-3994	ADJ
arjefm-76	271	20	,	,	PUNCT
arjefm-76	271	21	-3427	-3427	INTJ
arjefm-76	271	22	,	,	PUNCT
arjefm-76	271	23	-3136	-3136	NOUN
arjefm-76	271	24	)	)	PUNCT
arjefm-76	271	25	,	,	PUNCT
arjefm-76	271	26	as	as	ADP
arjefm-76	271	27	t	t	PROPN
arjefm-76	271	28	value	value	NOUN
arjefm-76	271	29	(	(	PUNCT
arjefm-76	271	30	2012	2012	NUM
arjefm-76	271	31	)	)	PUNCT
arjefm-76	271	32	,	,	PUNCT
arjefm-76	271	33	whose	whose	DET
arjefm-76	271	34	significance	significance	NOUN
arjefm-76	271	35	levels	level	NOUN
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arjefm-76	271	44	value	value	NOUN
arjefm-76	271	45	,	,	PUNCT
arjefm-76	271	46	logcpisa	logcpisa	NOUN
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arjefm-76	271	48	unit	unit	NOUN
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arjefm-76	272	6	the	the	DET
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arjefm-76	272	9	stable	stable	ADJ
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arjefm-76	274	13	trend	trend	NOUN
arjefm-76	274	14	cpi	cpi	PROPN
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arjefm-76	274	17	hypothesis	hypothesis	NOUN
arjefm-76	274	18	:	:	PUNCT
arjefm-76	274	19	dlogcpisa	dlogcpisa	NOUN
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arjefm-76	274	21	a	a	DET
arjefm-76	274	22	unit	unit	NOUN
arjefm-76	274	23	root	root	NOUN
arjefm-76	274	24	exogenous	exogenous	ADJ
arjefm-76	274	25	:	:	PUNCT
arjefm-76	274	26	constant	constant	ADJ
arjefm-76	274	27	,	,	PUNCT
arjefm-76	274	28	linear	linear	ADJ
arjefm-76	274	29	trend	trend	NOUN
arjefm-76	274	30	lag	lag	NOUN
arjefm-76	274	31	length	length	NOUN
arjefm-76	274	32	:	:	PUNCT
arjefm-76	274	33	0	0	PUNCT
arjefm-76	275	1	(	(	PUNCT
arjefm-76	275	2	automatic	automatic	ADJ
arjefm-76	275	3	based	base	VERB
arjefm-76	275	4	on	on	ADP
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arjefm-76	275	6	,	,	PUNCT
arjefm-76	275	7	maxlag=2	maxlag=2	PROPN
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arjefm-76	275	9	t	t	PROPN
arjefm-76	275	10	-	-	PUNCT
arjefm-76	275	11	statistic	statistic	NOUN
arjefm-76	275	12	prob	prob	NOUN
arjefm-76	275	13	.	.	PUNCT
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arjefm-76	275	16	dickey	dickey	PROPN
arjefm-76	275	17	-	-	PUNCT
arjefm-76	275	18	fuller	full	ADJ
arjefm-76	275	19	test	test	NOUN
arjefm-76	275	20	statistic	statistic	NOUN
arjefm-76	275	21	15.93696	15.93696	NUM
arjefm-76	275	22	0.0000	0.0000	NUM
arjefm-76	275	23	test	test	NOUN
arjefm-76	275	24	critical	critical	ADJ
arjefm-76	275	25	values	value	NOUN
arjefm-76	275	26	:	:	PUNCT
arjefm-76	275	27	1	1	NUM
arjefm-76	275	28	%	%	NOUN
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arjefm-76	276	7	mackinnon	mackinnon	PROPN
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arjefm-76	276	9	1996	1996	NUM
arjefm-76	276	10	)	)	PUNCT
arjefm-76	276	11	one	one	NUM
arjefm-76	276	12	-	-	PUNCT
arjefm-76	276	13	sided	sided	ADJ
arjefm-76	276	14	p	p	NOUN
arjefm-76	276	15	-	-	PUNCT
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arjefm-76	276	17	.	.	PUNCT
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arjefm-76	277	4	τ	τ	PROPN
arjefm-76	277	5	statistics	statistics	PROPN
arjefm-76	277	6	,	,	PUNCT
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arjefm-76	277	8	%	%	NOUN
arjefm-76	277	9	,	,	PUNCT
arjefm-76	277	10	5	5	NUM
arjefm-76	277	11	%	%	NOUN
arjefm-76	277	12	,	,	PUNCT
arjefm-76	277	13	10	10	NUM
arjefm-76	277	14	%	%	NOUN
arjefm-76	277	15	(	(	PUNCT
arjefm-76	277	16	-3994	-3994	ADJ
arjefm-76	277	17	,	,	PUNCT
arjefm-76	277	18	-3427	-3427	INTJ
arjefm-76	277	19	,	,	PUNCT
arjefm-76	277	20	-3137	-3137	NOUN
arjefm-76	277	21	)	)	PUNCT
arjefm-76	277	22	,	,	PUNCT
arjefm-76	277	23	since	since	SCONJ
arjefm-76	277	24	t	t	NOUN
arjefm-76	277	25	value	value	NOUN
arjefm-76	277	26	(	(	PUNCT
arjefm-76	277	27	-15	-15	NOUN
arjefm-76	277	28	936	936	NUM
arjefm-76	277	29	)	)	PUNCT
arjefm-76	277	30	,	,	PUNCT
arjefm-76	277	31	whose	whose	DET
arjefm-76	277	32	significance	significance	NOUN
arjefm-76	277	33	levels	level	NOUN
arjefm-76	277	34	are	be	AUX
arjefm-76	277	35	calculated	calculate	VERB
arjefm-76	277	36	,	,	PUNCT
arjefm-76	277	37	is	be	AUX
arjefm-76	277	38	high	high	ADJ
arjefm-76	277	39	as	as	ADP
arjefm-76	277	40	absolute	absolute	ADJ
arjefm-76	277	41	value	value	NOUN
arjefm-76	277	42	,	,	PUNCT
arjefm-76	277	43	δlogcpisa	δlogcpisa	NOUN
arjefm-76	277	44	has	have	VERB
arjefm-76	277	45	no	no	DET
arjefm-76	277	46	unit	unit	NOUN
arjefm-76	277	47	root	root	NOUN
arjefm-76	277	48	;	;	PUNCT
arjefm-76	277	49	the	the	DET
arjefm-76	277	50	series	series	NOUN
arjefm-76	277	51	is	be	AUX
arjefm-76	277	52	in	in	ADP
arjefm-76	277	53	stationary	stationary	ADJ
arjefm-76	277	54	state	state	NOUN
arjefm-76	277	55	.	.	PUNCT
arjefm-76	278	1	constant	constant	ADJ
arjefm-76	278	2	and	and	CCONJ
arjefm-76	278	3	linear	linear	ADJ
arjefm-76	278	4	trend	trend	NOUN
arjefm-76	278	5	δlogcpisa	δlogcpisa	NOUN
arjefm-76	278	6	has	have	AUX
arjefm-76	278	7	been	be	AUX
arjefm-76	278	8	cointegrated	cointegrate	VERB
arjefm-76	278	9	.	.	PUNCT
arjefm-76	279	1	all	all	DET
arjefm-76	279	2	the	the	DET
arjefm-76	279	3	variables	variable	NOUN
arjefm-76	279	4	have	have	VERB
arjefm-76	279	5	constant	constant	ADJ
arjefm-76	279	6	and	and	CCONJ
arjefm-76	279	7	linear	linear	ADJ
arjefm-76	279	8	trends	trend	NOUN
arjefm-76	279	9	and	and	CCONJ
arjefm-76	279	10	they	they	PRON
arjefm-76	279	11	are	be	AUX
arjefm-76	279	12	in	in	ADP
arjefm-76	279	13	stationary	stationary	ADJ
arjefm-76	279	14	state	state	NOUN
arjefm-76	279	15	.	.	PUNCT
arjefm-76	280	1	2.7	2.7	NUM
arjefm-76	280	2	.	.	PUNCT
arjefm-76	280	3	sorting	sort	VERB
arjefm-76	280	4	variable	variable	ADJ
arjefm-76	280	5	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-76	280	6	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-76	280	7	american	american	PROPN
arjefm-76	280	8	research	research	PROPN
arjefm-76	280	9	journal	journal	PROPN
arjefm-76	280	10	of	of	ADP
arjefm-76	280	11	economics	economic	NOUN
arjefm-76	280	12	,	,	PUNCT
arjefm-76	280	13	finance	finance	NOUN
arjefm-76	280	14	and	and	CCONJ
arjefm-76	280	15	management	management	NOUN
arjefm-76	280	16	volume	volume	NOUN
arjefm-76	280	17	11	11	NUM
arjefm-76	280	18	issue	issue	NOUN
arjefm-76	280	19	1	1	NUM
arjefm-76	280	20	,	,	PUNCT
arjefm-76	280	21	january	january	PROPN
arjefm-76	280	22	-	-	PUNCT
arjefm-76	280	23	march	march	PROPN
arjefm-76	280	24	2023	2023	NUM
arjefm-76	280	25	issn	issn	NOUN
arjefm-76	280	26	:	:	PUNCT
arjefm-76	280	27	2836	2836	NUM
arjefm-76	280	28	-	-	SYM
arjefm-76	280	29	9416	9416	NUM
arjefm-76	280	30	impact	impact	NOUN
arjefm-76	280	31	factor	factor	NOUN
arjefm-76	280	32	:	:	PUNCT
arjefm-76	280	33	5.57	5.57	NUM
arjefm-76	280	34	journal	journal	NOUN
arjefm-76	280	35	homepage	homepage	NOUN
arjefm-76	280	36	:	:	PUNCT
arjefm-76	280	37	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-76	280	38	,	,	PUNCT
arjefm-76	280	39	email	email	NOUN
arjefm-76	280	40	:	:	PUNCT
arjefm-76	280	41	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-76	280	42	official	official	ADJ
arjefm-76	280	43	journal	journal	PROPN
arjefm-76	280	44	of	of	ADP
arjefm-76	280	45	america	america	PROPN
arjefm-76	280	46	serial	serial	PROPN
arjefm-76	280	47	publication	publication	NOUN
arjefm-76	280	48	american	american	PROPN
arjefm-76	280	49	research	research	PROPN
arjefm-76	280	50	journal	journal	PROPN
arjefm-76	280	51	of	of	ADP
arjefm-76	280	52	economics	economic	NOUN
arjefm-76	280	53	,	,	PUNCT
arjefm-76	280	54	finance	finance	NOUN
arjefm-76	280	55	and	and	CCONJ
arjefm-76	280	56	management	management	NOUN
arjefm-76	280	57	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-76	280	58	,	,	PUNCT
arjefm-76	280	59	email	email	NOUN
arjefm-76	280	60	:	:	PUNCT
arjefm-76	280	61	contact@americaserial.com	contact@americaserial.com	X
arjefm-76	281	1	30	30	NUM
arjefm-76	282	1	|	|	ADV
arjefm-76	282	2	p	p	NOUN
arjefm-76	282	3	a	a	DET
arjefm-76	282	4	g	g	NOUN
arjefm-76	282	5	e	e	NOUN
arjefm-76	282	6	in	in	ADP
arjefm-76	282	7	light	light	NOUN
arjefm-76	282	8	of	of	ADP
arjefm-76	282	9	all	all	DET
arjefm-76	282	10	this	this	DET
arjefm-76	282	11	information	information	NOUN
arjefm-76	282	12	;	;	PUNCT
arjefm-76	282	13	the	the	DET
arjefm-76	282	14	variables	variable	NOUN
arjefm-76	282	15	are	be	AUX
arjefm-76	282	16	sorted	sort	VERB
arjefm-76	282	17	according	accord	VERB
arjefm-76	282	18	to	to	ADP
arjefm-76	282	19	how	how	SCONJ
arjefm-76	282	20	they	they	PRON
arjefm-76	282	21	are	be	AUX
arjefm-76	282	22	influenced	influence	VERB
arjefm-76	282	23	by	by	ADP
arjefm-76	282	24	the	the	DET
arjefm-76	282	25	monetary	monetary	ADJ
arjefm-76	282	26	transmission	transmission	NOUN
arjefm-76	282	27	mechanism	mechanism	NOUN
arjefm-76	282	28	as	as	ADP
arjefm-76	282	29	m1sa	m1sa	NOUN
arjefm-76	282	30	,	,	PUNCT
arjefm-76	282	31	interestsa	interestsa	NOUN
arjefm-76	282	32	,	,	PUNCT
arjefm-76	282	33	bistsa	bistsa	NOUN
arjefm-76	282	34	,	,	PUNCT
arjefm-76	282	35	creditsa	creditsa	NOUN
arjefm-76	282	36	,	,	PUNCT
arjefm-76	282	37	exchangesa	exchangesa	NOUN
arjefm-76	282	38	,	,	PUNCT
arjefm-76	282	39	cpisa	cpisa	NOUN
arjefm-76	282	40	and	and	CCONJ
arjefm-76	282	41	ipisa	ipisa	NOUN
arjefm-76	282	42	.	.	PUNCT
arjefm-76	283	1	3	3	X
arjefm-76	283	2	.	.	X
arjefm-76	283	3	conclusion	conclusion	NOUN
arjefm-76	283	4	the	the	DET
arjefm-76	283	5	model	model	NOUN
arjefm-76	283	6	results	result	NOUN
arjefm-76	283	7	suggest	suggest	VERB
arjefm-76	283	8	the	the	DET
arjefm-76	283	9	exchange	exchange	NOUN
arjefm-76	283	10	rate	rate	NOUN
arjefm-76	283	11	channel	channel	NOUN
arjefm-76	283	12	in	in	ADP
arjefm-76	283	13	turkey	turkey	NOUN
arjefm-76	283	14	have	have	VERB
arjefm-76	283	15	influence	influence	NOUN
arjefm-76	283	16	over	over	ADP
arjefm-76	283	17	the	the	DET
arjefm-76	283	18	general	general	ADJ
arjefm-76	283	19	level	level	NOUN
arjefm-76	283	20	of	of	ADP
arjefm-76	283	21	prices	price	NOUN
arjefm-76	283	22	.	.	PUNCT
arjefm-76	284	1	however	however	ADV
arjefm-76	284	2	,	,	PUNCT
arjefm-76	284	3	it	it	PRON
arjefm-76	284	4	does	do	AUX
arjefm-76	284	5	not	not	PART
arjefm-76	284	6	significantly	significantly	ADV
arjefm-76	284	7	influence	influence	VERB
arjefm-76	284	8	production	production	NOUN
arjefm-76	284	9	levels	level	NOUN
arjefm-76	284	10	.	.	PUNCT
arjefm-76	285	1	as	as	SCONJ
arjefm-76	285	2	mostly	mostly	ADV
arjefm-76	285	3	imported	import	VERB
arjefm-76	285	4	raw	raw	ADJ
arjefm-76	285	5	materials	material	NOUN
arjefm-76	285	6	are	be	AUX
arjefm-76	285	7	used	use	VERB
arjefm-76	285	8	in	in	ADP
arjefm-76	285	9	the	the	DET
arjefm-76	285	10	production	production	NOUN
arjefm-76	285	11	phase	phase	NOUN
arjefm-76	285	12	in	in	ADP
arjefm-76	285	13	turkey	turkey	NOUN
arjefm-76	285	14	,	,	PUNCT
arjefm-76	285	15	exchange	exchange	NOUN
arjefm-76	285	16	rate	rate	NOUN
arjefm-76	285	17	shocks	shock	NOUN
arjefm-76	285	18	adversely	adversely	ADV
arjefm-76	285	19	affect	affect	VERB
arjefm-76	285	20	the	the	DET
arjefm-76	285	21	real	real	ADJ
arjefm-76	285	22	economy	economy	NOUN
arjefm-76	285	23	.	.	PUNCT
arjefm-76	286	1	on	on	ADP
arjefm-76	286	2	the	the	DET
arjefm-76	286	3	other	other	ADJ
arjefm-76	286	4	hand	hand	NOUN
arjefm-76	286	5	,	,	PUNCT
arjefm-76	286	6	conditions	condition	NOUN
arjefm-76	286	7	are	be	AUX
arjefm-76	286	8	reversed	reverse	VERB
arjefm-76	286	9	for	for	ADP
arjefm-76	286	10	exports	export	NOUN
arjefm-76	286	11	.	.	PUNCT
arjefm-76	287	1	the	the	DET
arjefm-76	287	2	price	price	NOUN
arjefm-76	287	3	level	level	NOUN
arjefm-76	287	4	of	of	ADP
arjefm-76	287	5	final	final	ADJ
arjefm-76	287	6	goods	good	NOUN
arjefm-76	287	7	increases	increase	NOUN
arjefm-76	287	8	drastically	drastically	ADV
arjefm-76	287	9	due	due	ADJ
arjefm-76	287	10	to	to	ADP
arjefm-76	287	11	exchange	exchange	NOUN
arjefm-76	287	12	rate	rate	NOUN
arjefm-76	287	13	shocks	shock	NOUN
arjefm-76	287	14	,	,	PUNCT
arjefm-76	287	15	which	which	PRON
arjefm-76	287	16	has	have	VERB
arjefm-76	287	17	a	a	DET
arjefm-76	287	18	negative	negative	ADJ
arjefm-76	287	19	impact	impact	NOUN
arjefm-76	287	20	on	on	ADP
arjefm-76	287	21	the	the	DET
arjefm-76	287	22	balance	balance	NOUN
arjefm-76	287	23	sheet	sheet	NOUN
arjefm-76	287	24	.	.	PUNCT
arjefm-76	288	1	turkey	turkey	PROPN
arjefm-76	288	2	has	have	AUX
arjefm-76	288	3	been	be	AUX
arjefm-76	288	4	struggling	struggle	VERB
arjefm-76	288	5	with	with	ADP
arjefm-76	288	6	hyperinflation	hyperinflation	NOUN
arjefm-76	288	7	for	for	ADP
arjefm-76	288	8	decades	decade	NOUN
arjefm-76	288	9	.	.	PUNCT
arjefm-76	289	1	therefore	therefore	ADV
arjefm-76	289	2	,	,	PUNCT
arjefm-76	289	3	the	the	DET
arjefm-76	289	4	financial	financial	ADJ
arjefm-76	289	5	sector	sector	NOUN
arjefm-76	289	6	has	have	AUX
arjefm-76	289	7	been	be	AUX
arjefm-76	289	8	returning	return	VERB
arjefm-76	289	9	to	to	ADP
arjefm-76	289	10	the	the	DET
arjefm-76	289	11	market	market	NOUN
arjefm-76	289	12	with	with	ADP
arjefm-76	289	13	short	short	ADJ
arjefm-76	289	14	term	term	NOUN
arjefm-76	289	15	contracts	contract	NOUN
arjefm-76	289	16	.	.	PUNCT
arjefm-76	290	1	thus	thus	ADV
arjefm-76	290	2	,	,	PUNCT
arjefm-76	290	3	the	the	DET
arjefm-76	290	4	effect	effect	NOUN
arjefm-76	290	5	of	of	ADP
arjefm-76	290	6	changes	change	NOUN
arjefm-76	290	7	in	in	ADP
arjefm-76	290	8	monetary	monetary	ADJ
arjefm-76	290	9	policy	policy	NOUN
arjefm-76	290	10	causes	cause	VERB
arjefm-76	290	11	the	the	DET
arjefm-76	290	12	goods	good	NOUN
arjefm-76	290	13	and	and	CCONJ
arjefm-76	290	14	services	service	NOUN
arjefm-76	290	15	sector	sector	NOUN
arjefm-76	290	16	to	to	PART
arjefm-76	290	17	emerge	emerge	VERB
arjefm-76	290	18	for	for	ADP
arjefm-76	290	19	a	a	DET
arjefm-76	290	20	short	short	ADJ
arjefm-76	290	21	duration	duration	NOUN
arjefm-76	290	22	.	.	PUNCT
arjefm-76	291	1	the	the	DET
arjefm-76	291	2	development	development	NOUN
arjefm-76	291	3	of	of	ADP
arjefm-76	291	4	stock	stock	NOUN
arjefm-76	291	5	prices	price	NOUN
arjefm-76	291	6	is	be	AUX
arjefm-76	291	7	negatively	negatively	ADV
arjefm-76	291	8	affected	affect	VERB
arjefm-76	291	9	due	due	ADP
arjefm-76	291	10	to	to	ADP
arjefm-76	291	11	the	the	DET
arjefm-76	291	12	continuing	continue	VERB
arjefm-76	291	13	development	development	NOUN
arjefm-76	291	14	on	on	ADP
arjefm-76	291	15	the	the	DET
arjefm-76	291	16	capital	capital	NOUN
arjefm-76	291	17	market	market	NOUN
arjefm-76	291	18	operations	operation	NOUN
arjefm-76	291	19	.	.	PUNCT
arjefm-76	292	1	results	result	NOUN
arjefm-76	292	2	include	include	VERB
arjefm-76	292	3	no	no	DET
arjefm-76	292	4	findings	finding	NOUN
arjefm-76	292	5	over	over	ADP
arjefm-76	292	6	stock	stock	NOUN
arjefm-76	292	7	prices	price	NOUN
arjefm-76	292	8	and	and	CCONJ
arjefm-76	292	9	credit	credit	NOUN
arjefm-76	292	10	channel	channel	NOUN
arjefm-76	292	11	.	.	PUNCT
arjefm-76	293	1	on	on	ADP
arjefm-76	293	2	the	the	DET
arjefm-76	293	3	other	other	ADJ
arjefm-76	293	4	hand	hand	NOUN
arjefm-76	293	5	,	,	PUNCT
arjefm-76	293	6	short	short	ADJ
arjefm-76	293	7	term	term	NOUN
arjefm-76	293	8	debt	debt	NOUN
arjefm-76	293	9	financed	finance	VERB
arjefm-76	293	10	the	the	DET
arjefm-76	293	11	budget	budget	NOUN
arjefm-76	293	12	deficit	deficit	NOUN
arjefm-76	293	13	and	and	CCONJ
arjefm-76	293	14	raised	raise	VERB
arjefm-76	293	15	the	the	DET
arjefm-76	293	16	real	real	ADJ
arjefm-76	293	17	interest	interest	NOUN
arjefm-76	293	18	rates	rate	NOUN
arjefm-76	293	19	in	in	ADP
arjefm-76	293	20	the	the	DET
arjefm-76	293	21	1990s	1990s	NUM
arjefm-76	293	22	.	.	PUNCT
arjefm-76	294	1	this	this	PRON
arjefm-76	294	2	led	lead	VERB
arjefm-76	294	3	accelerated	accelerate	VERB
arjefm-76	294	4	investment	investment	NOUN
arjefm-76	294	5	banks	bank	NOUN
arjefm-76	294	6	to	to	PART
arjefm-76	294	7	purchase	purchase	VERB
arjefm-76	294	8	government	government	NOUN
arjefm-76	294	9	bonds	bond	NOUN
arjefm-76	294	10	rather	rather	ADV
arjefm-76	294	11	than	than	ADP
arjefm-76	294	12	funding	fund	VERB
arjefm-76	294	13	the	the	DET
arjefm-76	294	14	open	open	ADJ
arjefm-76	294	15	market	market	NOUN
arjefm-76	294	16	.	.	PUNCT
arjefm-76	295	1	thus	thus	ADV
arjefm-76	295	2	,	,	PUNCT
arjefm-76	295	3	the	the	DET
arjefm-76	295	4	banking	banking	NOUN
arjefm-76	295	5	sector	sector	NOUN
arjefm-76	295	6	entered	enter	VERB
arjefm-76	295	7	into	into	ADP
arjefm-76	295	8	the	the	DET
arjefm-76	295	9	crisis	crisis	NOUN
arjefm-76	295	10	by	by	ADP
arjefm-76	295	11	not	not	PART
arjefm-76	295	12	fulfilling	fulfil	VERB
arjefm-76	295	13	the	the	DET
arjefm-76	295	14	most	most	ADV
arjefm-76	295	15	basic	basic	ADJ
arjefm-76	295	16	function	function	NOUN
arjefm-76	295	17	of	of	ADP
arjefm-76	295	18	financial	financial	ADJ
arjefm-76	295	19	intermediation	intermediation	NOUN
arjefm-76	295	20	.	.	PUNCT
arjefm-76	296	1	the	the	DET
arjefm-76	296	2	restructuring	restructuring	NOUN
arjefm-76	296	3	process	process	NOUN
arjefm-76	296	4	that	that	PRON
arjefm-76	296	5	was	be	AUX
arjefm-76	296	6	executed	execute	VERB
arjefm-76	296	7	in	in	ADP
arjefm-76	296	8	the	the	DET
arjefm-76	296	9	aftermath	aftermath	NOUN
arjefm-76	296	10	of	of	ADP
arjefm-76	296	11	the	the	DET
arjefm-76	296	12	2001	2001	NUM
arjefm-76	296	13	crisis	crisis	NOUN
arjefm-76	296	14	was	be	AUX
arjefm-76	296	15	considered	consider	VERB
arjefm-76	296	16	to	to	PART
arjefm-76	296	17	be	be	AUX
arjefm-76	296	18	an	an	DET
arjefm-76	296	19	obstacle	obstacle	NOUN
arjefm-76	296	20	to	to	ADP
arjefm-76	296	21	the	the	DET
arjefm-76	296	22	operations	operation	NOUN
arjefm-76	296	23	of	of	ADP
arjefm-76	296	24	credit	credit	NOUN
arjefm-76	296	25	channels	channel	NOUN
arjefm-76	296	26	.	.	PUNCT
arjefm-76	297	1	comments	comment	NOUN
arjefm-76	297	2	in	in	ADP
arjefm-76	297	3	the	the	DET
arjefm-76	297	4	financial	financial	ADJ
arjefm-76	297	5	system	system	NOUN
arjefm-76	297	6	in	in	ADP
arjefm-76	297	7	turkish	turkish	ADJ
arjefm-76	297	8	economy	economy	NOUN
arjefm-76	297	9	and	and	CCONJ
arjefm-76	297	10	the	the	DET
arjefm-76	297	11	analysis	analysis	NOUN
arjefm-76	297	12	of	of	ADP
arjefm-76	297	13	applications	application	NOUN
arjefm-76	297	14	made	make	VERB
arjefm-76	297	15	to	to	PART
arjefm-76	297	16	create	create	VERB
arjefm-76	297	17	var	var	NOUN
arjefm-76	297	18	models	model	NOUN
arjefm-76	297	19	support	support	VERB
arjefm-76	297	20	the	the	DET
arjefm-76	297	21	literature	literature	NOUN
arjefm-76	297	22	.	.	PUNCT
arjefm-76	298	1	traditional	traditional	ADJ
arjefm-76	298	2	interest	interest	NOUN
arjefm-76	298	3	rates	rate	NOUN
arjefm-76	298	4	work	work	VERB
arjefm-76	298	5	effectively	effectively	ADV
arjefm-76	298	6	in	in	ADP
arjefm-76	298	7	turkey	turkey	NOUN
arjefm-76	298	8	.	.	PUNCT
arjefm-76	299	1	the	the	DET
arjefm-76	299	2	fact	fact	NOUN
arjefm-76	299	3	that	that	SCONJ
arjefm-76	299	4	the	the	DET
arjefm-76	299	5	exchange	exchange	NOUN
arjefm-76	299	6	rate	rate	NOUN
arjefm-76	299	7	channel	channel	NOUN
arjefm-76	299	8	has	have	AUX
arjefm-76	299	9	no	no	DET
arjefm-76	299	10	considerable	considerable	ADJ
arjefm-76	299	11	effect	effect	NOUN
arjefm-76	299	12	on	on	ADP
arjefm-76	299	13	the	the	DET
arjefm-76	299	14	overall	overall	ADJ
arjefm-76	299	15	outcome	outcome	NOUN
arjefm-76	299	16	,	,	PUNCT
arjefm-76	299	17	it	it	PRON
arjefm-76	299	18	is	be	AUX
arjefm-76	299	19	observed	observe	VERB
arjefm-76	299	20	that	that	SCONJ
arjefm-76	299	21	it	it	PRON
arjefm-76	299	22	significantly	significantly	ADV
arjefm-76	299	23	affects	affect	VERB
arjefm-76	299	24	the	the	DET
arjefm-76	299	25	general	general	ADJ
arjefm-76	299	26	price	price	NOUN
arjefm-76	299	27	level	level	NOUN
arjefm-76	299	28	.	.	PUNCT
arjefm-76	300	1	in	in	ADP
arjefm-76	300	2	addition	addition	NOUN
arjefm-76	300	3	,	,	PUNCT
arjefm-76	300	4	stock	stock	NOUN
arjefm-76	300	5	prices	price	NOUN
arjefm-76	300	6	and	and	CCONJ
arjefm-76	300	7	the	the	DET
arjefm-76	300	8	credit	credit	NOUN
arjefm-76	300	9	channel	channel	NOUN
arjefm-76	300	10	are	be	AUX
arjefm-76	300	11	deemed	deem	VERB
arjefm-76	300	12	to	to	PART
arjefm-76	300	13	be	be	AUX
arjefm-76	300	14	working	work	VERB
arjefm-76	300	15	ineffectively	ineffectively	ADV
arjefm-76	300	16	.	.	PUNCT
arjefm-76	301	1	references	reference	NOUN
arjefm-76	301	2	sahn	sahn	PROPN
arjefm-76	301	3	,	,	PUNCT
arjefm-76	301	4	byung	byung	PROPN
arjefm-76	301	5	chan	chan	PROPN
arjefm-76	301	6	;	;	PUNCT
arjefm-76	301	7	“	"	PUNCT
arjefm-76	301	8	monetary	monetary	ADJ
arjefm-76	301	9	policy	policy	NOUN
arjefm-76	301	10	and	and	CCONJ
arjefm-76	301	11	the	the	DET
arjefm-76	301	12	determination	determination	NOUN
arjefm-76	301	13	of	of	ADP
arjefm-76	301	14	the	the	DET
arjefm-76	301	15	interest	interest	NOUN
arjefm-76	301	16	rate	rate	NOUN
arjefm-76	301	17	and	and	CCONJ
arjefm-76	301	18	exchange	exchange	NOUN
arjefm-76	301	19	rate	rate	NOUN
arjefm-76	301	20	in	in	ADP
arjefm-76	301	21	a	a	DET
arjefm-76	301	22	small	small	ADJ
arjefm-76	301	23	open	open	ADJ
arjefm-76	301	24	economy	economy	NOUN
arjefm-76	301	25	with	with	ADP
arjefm-76	301	26	increasing	increase	VERB
arjefm-76	301	27	capital	capital	NOUN
arjefm-76	301	28	mobility	mobility	NOUN
arjefm-76	301	29	”	"	PUNCT
arjefm-76	301	30	,	,	PUNCT
arjefm-76	301	31	federal	federal	PROPN
arjefm-76	301	32	reserve	reserve	PROPN
arjefm-76	301	33	bank	bank	PROPN
arjefm-76	301	34	of	of	ADP
arjefm-76	301	35	st.louis	st.louis	PROPN
arjefm-76	301	36	working	working	PROPN
arjefm-76	301	37	paper	paper	NOUN
arjefm-76	301	38	,	,	PUNCT
arjefm-76	301	39	1994	1994	NUM
arjefm-76	301	40	–	–	PUNCT
arjefm-76	301	41	024a	024a	NOUN
arjefm-76	301	42	,	,	PUNCT
arjefm-76	301	43	1	1	NUM
arjefm-76	301	44	-	-	SYM
arjefm-76	301	45	27	27	NUM
arjefm-76	301	46	.	.	PUNCT
arjefm-76	302	1	angeloni	angeloni	PROPN
arjefm-76	302	2	,	,	PUNCT
arjefm-76	302	3	ignazio	ignazio	PROPN
arjefm-76	302	4	,	,	PUNCT
arjefm-76	302	5	anil	anil	PROPN
arjefm-76	302	6	k.	k.	PROPN
arjefm-76	302	7	kashyap	kashyap	PROPN
arjefm-76	302	8	,	,	PUNCT
arjefm-76	302	9	benoit	benoit	PROPN
arjefm-76	302	10	mojon	mojon	PROPN
arjefm-76	302	11	ve	ve	VERB
arjefm-76	302	12	daniele	daniele	PROPN
arjefm-76	302	13	terlizzese	terlizzese	PROPN
arjefm-76	302	14	,	,	PUNCT
arjefm-76	302	15	(	(	PUNCT
arjefm-76	302	16	2003	2003	NUM
arjefm-76	302	17	)	)	PUNCT
arjefm-76	302	18	“	"	PUNCT
arjefm-76	302	19	monetary	monetary	ADJ
arjefm-76	302	20	transmission	transmission	NOUN
arjefm-76	302	21	in	in	ADP
arjefm-76	302	22	the	the	DET
arjefm-76	302	23	euro	euro	PROPN
arjefm-76	302	24	area	area	NOUN
arjefm-76	302	25	:	:	PUNCT
arjefm-76	302	26	does	do	AUX
arjefm-76	302	27	the	the	DET
arjefm-76	302	28	interest	interest	NOUN
arjefm-76	302	29	rate	rate	NOUN
arjefm-76	302	30	channel	channel	PROPN
arjefm-76	302	31	explainit	explainit	VERB
arjefm-76	302	32	all	all	PRON
arjefm-76	302	33	?	?	PUNCT
arjefm-76	302	34	”	"	PUNCT
arjefm-76	302	35	,	,	PUNCT
arjefm-76	302	36	nber	nber	PROPN
arjefm-76	302	37	working	working	PROPN
arjefm-76	302	38	paper	paper	NOUN
arjefm-76	302	39	,	,	PUNCT
arjefm-76	302	40	no	no	PRON
arjefm-76	302	41	:	:	PUNCT
arjefm-76	302	42	9984	9984	NUM
arjefm-76	302	43	,	,	PUNCT
arjefm-76	302	44	p.1	p.1	NOUN
arjefm-76	302	45	–	–	PUNCT
arjefm-76	302	46	41	41	NUM
arjefm-76	302	47	.	.	PUNCT
arjefm-76	303	1	arcangelis	arcangelis	PROPN
arjefm-76	303	2	,	,	PUNCT
arjefm-76	303	3	giuseppe	giuseppe	PROPN
arjefm-76	303	4	de	de	PROPN
arjefm-76	303	5	and	and	CCONJ
arjefm-76	303	6	di	di	X
arjefm-76	303	7	giorgio	giorgio	PROPN
arjefm-76	303	8	giorgio	giorgio	PROPN
arjefm-76	303	9	;	;	PUNCT
arjefm-76	303	10	“	"	PUNCT
arjefm-76	303	11	monetary	monetary	ADJ
arjefm-76	303	12	policy	policy	NOUN
arjefm-76	303	13	shocks	shock	NOUN
arjefm-76	303	14	and	and	CCONJ
arjefm-76	303	15	transmission	transmission	NOUN
arjefm-76	303	16	in	in	ADP
arjefm-76	303	17	italy	italy	PROPN
arjefm-76	303	18	:	:	PUNCT
arjefm-76	303	19	a	a	DET
arjefm-76	303	20	var	var	NOUN
arjefm-76	303	21	analysis	analysis	NOUN
arjefm-76	303	22	”	"	PUNCT
arjefm-76	303	23	,	,	PUNCT
arjefm-76	303	24	1999.http://www.econ.upf.edu/docs/papers/downloads/446.pdf	1999.http://www.econ.upf.edu/docs/papers/downloads/446.pdf	NOUN
arjefm-76	303	25	bernanke	bernanke	NOUN
arjefm-76	303	26	,	,	PUNCT
arjefm-76	303	27	ben	ben	PROPN
arjefm-76	303	28	s.	s.	PROPN
arjefm-76	303	29	and	and	CCONJ
arjefm-76	303	30	alan	alan	PROPN
arjefm-76	303	31	s.	s.	PROPN
arjefm-76	303	32	blinder	blinder	PROPN
arjefm-76	303	33	;	;	PUNCT
arjefm-76	303	34	“	"	PUNCT
arjefm-76	303	35	the	the	DET
arjefm-76	303	36	federal	federal	ADJ
arjefm-76	303	37	funds	fund	NOUN
arjefm-76	303	38	rate	rate	NOUN
arjefm-76	303	39	and	and	CCONJ
arjefm-76	303	40	the	the	DET
arjefm-76	303	41	channels	channel	NOUN
arjefm-76	303	42	of	of	ADP
arjefm-76	303	43	monetary	monetary	ADJ
arjefm-76	303	44	policy	policy	NOUN
arjefm-76	303	45	”	"	PUNCT
arjefm-76	303	46	,	,	PUNCT
arjefm-76	303	47	american	american	PROPN
arjefm-76	303	48	economic	economic	PROPN
arjefm-76	303	49	review	review	PROPN
arjefm-76	303	50	,	,	PUNCT
arjefm-76	303	51	82	82	NUM
arjefm-76	303	52	(	(	PUNCT
arjefm-76	303	53	4	4	NUM
arjefm-76	303	54	)	)	PUNCT
arjefm-76	303	55	,	,	PUNCT
arjefm-76	303	56	1992	1992	NUM
arjefm-76	303	57	,	,	PUNCT
arjefm-76	303	58	p.	p.	NOUN
arjefm-76	303	59	901	901	NUM
arjefm-76	303	60	-	-	SYM
arjefm-76	303	61	921	921	NUM
arjefm-76	303	62	.	.	PUNCT
arjefm-76	303	63	charoenseang	charoenseang	PROPN
arjefm-76	303	64	,	,	PUNCT
arjefm-76	303	65	june	june	PROPN
arjefm-76	303	66	and	and	CCONJ
arjefm-76	303	67	pornkamol	pornkamol	PROPN
arjefm-76	303	68	manakit	manakit	NOUN
arjefm-76	303	69	;	;	PUNCT
arjefm-76	303	70	‘	'	PUNCT
arjefm-76	303	71	‘	'	PUNCT
arjefm-76	303	72	thai	thai	ADJ
arjefm-76	303	73	monetary	monetary	ADJ
arjefm-76	303	74	policy	policy	NOUN
arjefm-76	303	75	transmission	transmission	NOUN
arjefm-76	303	76	in	in	ADP
arjefm-76	303	77	an	an	DET
arjefm-76	303	78	inflation	inflation	NOUN
arjefm-76	303	79	targeting	target	VERB
arjefm-76	303	80	era	era	NOUN
arjefm-76	303	81	’’	’'	PUNCT
arjefm-76	303	82	,	,	PUNCT
arjefm-76	303	83	journal	journal	NOUN
arjefm-76	303	84	of	of	ADP
arjefm-76	303	85	asian	asian	ADJ
arjefm-76	303	86	economics	economic	NOUN
arjefm-76	303	87	,	,	PUNCT
arjefm-76	303	88	18	18	NUM
arjefm-76	303	89	,	,	PUNCT
arjefm-76	303	90	2007	2007	NUM
arjefm-76	303	91	,	,	PUNCT
arjefm-76	303	92	p.	p.	NOUN
arjefm-76	303	93	144	144	NUM
arjefm-76	303	94	–	–	PUNCT
arjefm-76	303	95	157	157	NUM
arjefm-76	303	96	.	.	PUNCT
arjefm-76	304	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-76	304	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	PROPN
arjefm-76	305	1	american	american	PROPN
arjefm-76	305	2	research	research	PROPN
arjefm-76	305	3	journal	journal	PROPN
arjefm-76	305	4	of	of	ADP
arjefm-76	305	5	economics	economic	NOUN
arjefm-76	305	6	,	,	PUNCT
arjefm-76	305	7	finance	finance	NOUN
arjefm-76	305	8	and	and	CCONJ
arjefm-76	305	9	management	management	NOUN
arjefm-76	305	10	volume	volume	NOUN
arjefm-76	305	11	11	11	NUM
arjefm-76	305	12	issue	issue	NOUN
arjefm-76	305	13	1	1	NUM
arjefm-76	305	14	,	,	PUNCT
arjefm-76	305	15	january	january	PROPN
arjefm-76	305	16	-	-	PUNCT
arjefm-76	305	17	march	march	PROPN
arjefm-76	305	18	2023	2023	NUM
arjefm-76	305	19	issn	issn	NOUN
arjefm-76	305	20	:	:	PUNCT
arjefm-76	305	21	2836	2836	NUM
arjefm-76	305	22	-	-	SYM
arjefm-76	305	23	9416	9416	NUM
arjefm-76	305	24	impact	impact	NOUN
arjefm-76	305	25	factor	factor	NOUN
arjefm-76	305	26	:	:	PUNCT
arjefm-76	305	27	5.57	5.57	NUM
arjefm-76	305	28	journal	journal	NOUN
arjefm-76	305	29	homepage	homepage	NOUN
arjefm-76	305	30	:	:	PUNCT
arjefm-76	305	31	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-76	305	32	,	,	PUNCT
arjefm-76	305	33	email	email	NOUN
arjefm-76	305	34	:	:	PUNCT
arjefm-76	306	1	contact@americaserial.com	contact@americaserial.com	PROPN
arjefm-76	306	2	official	official	ADJ
arjefm-76	306	3	journal	journal	PROPN
arjefm-76	306	4	of	of	ADP
arjefm-76	306	5	america	america	PROPN
arjefm-76	306	6	serial	serial	PROPN
arjefm-76	306	7	publication	publication	NOUN
arjefm-76	306	8	american	american	PROPN
arjefm-76	306	9	research	research	PROPN
arjefm-76	306	10	journal	journal	PROPN
arjefm-76	306	11	of	of	ADP
arjefm-76	306	12	economics	economic	NOUN
arjefm-76	306	13	,	,	PUNCT
arjefm-76	306	14	finance	finance	NOUN
arjefm-76	306	15	and	and	CCONJ
arjefm-76	306	16	management	management	NOUN
arjefm-76	306	17	https://americaserial.com/journals/index.php/arjefm	https://americaserial.com/journals/index.php/arjefm	NOUN
arjefm-76	306	18	,	,	PUNCT
arjefm-76	306	19	email	email	NOUN
arjefm-76	306	20	:	:	PUNCT
arjefm-76	306	21	contact@americaserial.com	contact@americaserial.com	X
arjefm-76	307	1	31	31	NUM
arjefm-76	308	1	|	|	ADV
arjefm-76	308	2	p	p	X
arjefm-76	308	3	a	a	DET
arjefm-76	308	4	g	g	PROPN
arjefm-76	308	5	e	e	PROPN
arjefm-76	308	6	ferreira	ferreira	PROPN
arjefm-76	308	7	,	,	PUNCT
arjefm-76	308	8	cândida	cândida	PROPN
arjefm-76	308	9	;	;	PUNCT
arjefm-76	308	10	‘	'	PUNCT
arjefm-76	308	11	‘	'	PUNCT
arjefm-76	308	12	the	the	DET
arjefm-76	308	13	bank	bank	NOUN
arjefm-76	308	14	lending	lending	NOUN
arjefm-76	308	15	channel	channel	NOUN
arjefm-76	308	16	transmission	transmission	NOUN
arjefm-76	308	17	of	of	ADP
arjefm-76	308	18	monetary	monetary	ADJ
arjefm-76	308	19	policy	policy	NOUN
arjefm-76	308	20	in	in	ADP
arjefm-76	308	21	the	the	DET
arjefm-76	308	22	emu	emu	NOUN
arjefm-76	308	23	:	:	PUNCT
arjefm-76	308	24	a	a	DET
arjefm-76	308	25	case	case	NOUN
arjefm-76	308	26	study	study	NOUN
arjefm-76	308	27	of	of	ADP
arjefm-76	308	28	portugal	portugal	PROPN
arjefm-76	308	29	’’	’'	PUNCT
arjefm-76	308	30	the	the	DET
arjefm-76	308	31	european	european	PROPN
arjefm-76	308	32	journal	journal	PROPN
arjefm-76	308	33	of	of	ADP
arjefm-76	308	34	finance	finance	NOUN
arjefm-76	308	35	,	,	PUNCT
arjefm-76	308	36	2007	2007	NUM
arjefm-76	308	37	,	,	PUNCT
arjefm-76	308	38	vol	vol	NOUN
arjefm-76	308	39	.	.	PROPN
arjefm-76	308	40	13	13	NUM
arjefm-76	308	41	,	,	PUNCT
arjefm-76	308	42	no	no	INTJ
arjefm-76	308	43	.	.	NOUN
arjefm-76	308	44	2	2	NUM
arjefm-76	308	45	,	,	PUNCT
arjefm-76	308	46	p.181	p.181	NOUN
arjefm-76	308	47	-	-	PUNCT
arjefm-76	308	48	193	193	NUM
arjefm-76	308	49	.	.	PUNCT
arjefm-76	309	1	friedman	friedman	PROPN
arjefm-76	309	2	,	,	PUNCT
arjefm-76	309	3	milton	milton	PROPN
arjefm-76	309	4	;	;	PUNCT
arjefm-76	309	5	‘	'	PUNCT
arjefm-76	309	6	‘	'	PUNCT
arjefm-76	309	7	john	john	PROPN
arjefm-76	309	8	maynard	maynard	PROPN
arjefm-76	309	9	keynes	keynes	PROPN
arjefm-76	309	10	’’	’'	PUNCT
arjefm-76	309	11	economic	economic	ADJ
arjefm-76	309	12	quarterly	quarterly	ADJ
arjefm-76	309	13	,	,	PUNCT
arjefm-76	309	14	federal	federal	PROPN
arjefm-76	309	15	reserve	reserve	PROPN
arjefm-76	309	16	bank	bank	PROPN
arjefm-76	309	17	of	of	ADP
arjefm-76	309	18	richmond	richmond	PROPN
arjefm-76	309	19	,	,	PUNCT
arjefm-76	309	20	83/82	83/82	NUM
arjefm-76	309	21	(	(	PUNCT
arjefm-76	309	22	spring	spring	NOUN
arjefm-76	309	23	)	)	PUNCT
arjefm-76	309	24	,	,	PUNCT
arjefm-76	309	25	1997	1997	NUM
arjefm-76	309	26	,	,	PUNCT
arjefm-76	309	27	p.123	p.123	NOUN
arjefm-76	309	28	.	.	PUNCT
arjefm-76	310	1	friedman	friedman	PROPN
arjefm-76	310	2	,	,	PUNCT
arjefm-76	310	3	milton	milton	PROPN
arjefm-76	310	4	and	and	CCONJ
arjefm-76	310	5	anna	anna	PROPN
arjefm-76	310	6	j.	j.	PROPN
arjefm-76	310	7	schwartz	schwartz	PROPN
arjefm-76	310	8	‘	'	PUNCT
arjefm-76	310	9	‘	'	PUNCT
arjefm-76	310	10	monetary	monetary	ADJ
arjefm-76	310	11	trends	trend	NOUN
arjefm-76	310	12	in	in	ADP
arjefm-76	310	13	the	the	DET
arjefm-76	310	14	united	united	PROPN
arjefm-76	310	15	states	states	PROPN
arjefm-76	310	16	and	and	CCONJ
arjefm-76	310	17	the	the	DET
arjefm-76	310	18	united	united	ADJ
arjefm-76	310	19	kingdom	kingdom	PROPN
arjefm-76	310	20	’’	’'	PUNCT
arjefm-76	310	21	,	,	PUNCT
arjefm-76	310	22	chicago	chicago	PROPN
arjefm-76	310	23	and	and	CCONJ
arjefm-76	310	24	london	london	PROPN
arjefm-76	310	25	,	,	PUNCT
arjefm-76	310	26	the	the	DET
arjefm-76	310	27	university	university	NOUN
arjefm-76	310	28	of	of	ADP
arjefm-76	310	29	chicago	chicago	PROPN
arjefm-76	310	30	press	press	NOUN
arjefm-76	310	31	.	.	PUNCT
arjefm-76	311	1	holtemoller	holtemoller	PROPN
arjefm-76	311	2	,	,	PUNCT
arjefm-76	311	3	oliver	oliver	ADV
arjefm-76	311	4	;	;	PUNCT
arjefm-76	311	5	“	"	PUNCT
arjefm-76	311	6	identifying	identify	VERB
arjefm-76	311	7	a	a	DET
arjefm-76	311	8	credit	credit	NOUN
arjefm-76	311	9	channel	channel	NOUN
arjefm-76	311	10	of	of	ADP
arjefm-76	311	11	monetary	monetary	ADJ
arjefm-76	311	12	policy	policy	NOUN
arjefm-76	311	13	transmission	transmission	NOUN
arjefm-76	311	14	and	and	CCONJ
arjefm-76	311	15	empirical	empirical	ADJ
arjefm-76	311	16	evidence	evidence	NOUN
arjefm-76	311	17	for	for	ADP
arjefm-76	311	18	germany	germany	PROPN
arjefm-76	311	19	”	"	PUNCT
arjefm-76	311	20	,	,	PUNCT
arjefm-76	311	21	2002	2002	NUM
arjefm-76	311	22	.	.	PUNCT
arjefm-76	312	1	iturriaga	iturriaga	PROPN
arjefm-76	312	2	,	,	PUNCT
arjefm-76	312	3	felix	felix	PROPN
arjefm-76	312	4	.	.	PUNCT
arjefm-76	313	1	j.	j.	PROPN
arjefm-76	313	2	lopez	lopez	PROPN
arjefm-76	313	3	;	;	PUNCT
arjefm-76	313	4	“	"	PUNCT
arjefm-76	313	5	more	more	ADJ
arjefm-76	313	6	on	on	ADP
arjefm-76	313	7	the	the	DET
arjefm-76	313	8	credit	credit	NOUN
arjefm-76	313	9	channel	channel	NOUN
arjefm-76	313	10	of	of	ADP
arjefm-76	313	11	monetary	monetary	ADJ
arjefm-76	313	12	policy	policy	NOUN
arjefm-76	313	13	transmission	transmission	NOUN
arjefm-76	313	14	:	:	PUNCT
arjefm-76	313	15	an	an	DET
arjefm-76	313	16	international	international	ADJ
arjefm-76	313	17	comparison	comparison	NOUN
arjefm-76	313	18	”	"	PUNCT
arjefm-76	313	19	,	,	PUNCT
arjefm-76	313	20	applied	apply	VERB
arjefm-76	313	21	financial	financial	ADJ
arjefm-76	313	22	economics	economic	NOUN
arjefm-76	313	23	,	,	PUNCT
arjefm-76	313	24	vol	vol	NOUN
arjefm-76	313	25	10	10	NUM
arjefm-76	313	26	,	,	PUNCT
arjefm-76	313	27	2000	2000	NUM
arjefm-76	313	28	,	,	PUNCT
arjefm-76	313	29	p.423	p.423	NOUN
arjefm-76	313	30	-	-	PUNCT
arjefm-76	313	31	434	434	NUM
arjefm-76	313	32	.	.	PUNCT
arjefm-76	314	1	mehrotra	mehrotra	ADJ
arjefm-76	314	2	,	,	PUNCT
arjefm-76	314	3	aaron	aaron	PROPN
arjefm-76	314	4	n.	n.	PROPN
arjefm-76	314	5	;	;	PUNCT
arjefm-76	314	6	(	(	PUNCT
arjefm-76	314	7	2007	2007	NUM
arjefm-76	314	8	)	)	PUNCT
arjefm-76	314	9	,	,	PUNCT
arjefm-76	314	10	“	"	PUNCT
arjefm-76	314	11	exchange	exchange	NOUN
arjefm-76	314	12	and	and	CCONJ
arjefm-76	314	13	interest	interest	NOUN
arjefm-76	314	14	rate	rate	NOUN
arjefm-76	314	15	channels	channel	NOUN
arjefm-76	314	16	during	during	ADP
arjefm-76	314	17	a	a	DET
arjefm-76	314	18	deflationary	deflationary	ADJ
arjefm-76	314	19	era	era	NOUN
arjefm-76	314	20	–	–	PUNCT
arjefm-76	314	21	evidence	evidence	NOUN
arjefm-76	314	22	from	from	ADP
arjefm-76	314	23	japan	japan	PROPN
arjefm-76	314	24	hong	hong	PROPN
arjefm-76	314	25	kong	kong	PROPN
arjefm-76	314	26	and	and	CCONJ
arjefm-76	314	27	china	china	PROPN
arjefm-76	314	28	”	"	PUNCT
arjefm-76	314	29	,	,	PUNCT
arjefm-76	314	30	journal	journal	NOUN
arjefm-76	314	31	of	of	ADP
arjefm-76	314	32	comparative	comparative	ADJ
arjefm-76	314	33	economics	economic	NOUN
arjefm-76	314	34	,	,	PUNCT
arjefm-76	314	35	35	35	NUM
arjefm-76	314	36	,	,	PUNCT
arjefm-76	314	37	p.	p.	NOUN
arjefm-76	314	38	188210	188210	NUM
arjefm-76	314	39	.	.	PUNCT
arjefm-76	315	1	papadamou	papadamou	ADV
arjefm-76	315	2	,	,	PUNCT
arjefm-76	315	3	stephanos	stephanos	PROPN
arjefm-76	315	4	and	and	CCONJ
arjefm-76	315	5	georgios	georgios	PROPN
arjefm-76	315	6	oikonomou	oikonomou	PROPN
arjefm-76	315	7	;	;	PUNCT
arjefm-76	315	8	‘	'	PUNCT
arjefm-76	315	9	‘	'	PUNCT
arjefm-76	315	10	the	the	DET
arjefm-76	315	11	monetary	monetary	ADJ
arjefm-76	315	12	transmission	transmission	NOUN
arjefm-76	315	13	mechanism	mechanism	NOUN
arjefm-76	315	14	:	:	PUNCT
arjefm-76	315	15	evidence	evidence	NOUN
arjefm-76	315	16	from	from	ADP
arjefm-76	315	17	eight	eight	NUM
arjefm-76	315	18	economies	economy	NOUN
arjefm-76	315	19	in	in	ADP
arjefm-76	315	20	transition	transition	NOUN
arjefm-76	315	21	’’	’'	PUNCT
arjefm-76	315	22	,	,	PUNCT
arjefm-76	315	23	international	international	ADJ
arjefm-76	315	24	economic	economic	ADJ
arjefm-76	315	25	journal	journal	NOUN
arjefm-76	315	26	,	,	PUNCT
arjefm-76	315	27	21	21	NUM
arjefm-76	315	28	,	,	PUNCT
arjefm-76	315	29	(	(	PUNCT
arjefm-76	315	30	4	4	NUM
arjefm-76	315	31	)	)	PUNCT
arjefm-76	315	32	,	,	PUNCT
arjefm-76	315	33	2007	2007	NUM
arjefm-76	315	34	.	.	PUNCT
arjefm-76	316	1	yue	yue	PROPN
arjefm-76	316	2	yi	yi	PROPN
arjefm-76	316	3	ding	ding	PROPN
arjefm-76	316	4	and	and	CCONJ
arjefm-76	316	5	shuang	shuang	PROPN
arjefm-76	316	6	–	–	PUNCT
arjefm-76	316	7	hong	hong	PROPN
arjefm-76	316	8	zhou	zhou	PROPN
arjefm-76	316	9	(	(	PUNCT
arjefm-76	316	10	2007	2007	NUM
arjefm-76	316	11	)	)	PUNCT
arjefm-76	316	12	,	,	PUNCT
arjefm-76	316	13	‘	'	PUNCT
arjefm-76	316	14	‘	'	PUNCT
arjefm-76	316	15	empirical	empirical	ADJ
arjefm-76	316	16	analysis	analysis	NOUN
arjefm-76	316	17	of	of	ADP
arjefm-76	316	18	monetary	monetary	ADJ
arjefm-76	316	19	policy	policy	NOUN
arjefm-76	316	20	transmission	transmission	NOUN
arjefm-76	316	21	’’	’'	PUNCT
arjefm-76	316	22	,	,	PUNCT
arjefm-76	316	23	chinese	chinese	ADJ
arjefm-76	316	24	business	business	NOUN
arjefm-76	316	25	review	review	PROPN
arjefm-76	316	26	,	,	PUNCT
arjefm-76	316	27	6	6	NUM
arjefm-76	316	28	,	,	PUNCT
arjefm-76	316	29	(	(	PUNCT
arjefm-76	316	30	3	3	NUM
arjefm-76	316	31	)	)	PUNCT
arjefm-76	316	32	,	,	PUNCT
arjefm-76	316	33	p.6	p.6	ADP
arjefm-76	316	34	13	13	NUM
arjefm-76	316	35	.	.	PUNCT
arjefm-76	317	1	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X
arjefm-76	317	2	mailto:contact@americaserial.com	mailto:contact@americaserial.com	X