Table 8. Past macroeconomic variables and Pax (1)

Dependent variable : Ln(Pax)
i=1 i=2 i=3 i=4
상수항 -8.8295***(-6.71) -4.4904**(-2.63) -2.0575(-1.41) -0.8392(-0.39)
Ln(GDPt-i) 1.4811***(26.37) 1.5647***(21.14) 1.6099***(23.59) 1.5771***(24.66)
USDt-i -0.0011***(-11.49) -0.0012***(-12.40) -0.0013***(-9.98) -0.0010***(-5.89)
WTIt-i -0.0046***(-7.03) -0.0063***(-10.94) -0.0068***(-15.60) -0.0063***(-9.41)
CCIt-i 0.0316**(2.64) 0.0151(1.04) -0.0096(-0.78) -0.0335*(-1.69)
Employmentt-i 0.0684***(5.39) 0.0075(0.70) 0.0034(0.21) 0.0235(1.47)
Sentimentt-i -0.0025(-1.36) 0.0000(-0.02) -0.0015(-0.74) -0.0010(-0.55)
PCRt-i 0.0455***(3.81) 0.0256*(1.77) 0.0295*(1.90) 0.0205(0.95)
Adj.R2 0.9369 0.9103 0.9291 0.894
F.Stat 140.94*** 95.28*** 120.72*** 76.94***
# of Obs 67 66 65 64
Durbin-Watson 2.18 2.52 2.40 2.39
Notes: This table reports that relationship between past macro-economic variables and international air passenger demand. For 't-1' the variables before the first quarter were used, and for 't-2', the variables before the second quarter applied. The number in parentheses is the Newey-West adjusted t value.
indicate significant levels at 10%, 5% and 1%, respectively.