"TABLE 4 Estimated Causal Models for the Metro and Bus Variables
In logs",,,,,,
,ΡΡ12SMT,ΡΡ1210MT,ΡΡ12SBT,ΡΡ1210BT,,
Constant,0.0004,–0.0009,0.0009,0.0003,,
,(0.0022),(0.0027),(0.0016),(0.0002),,
DAYS,0.0096*,0.0151*,0.0073*,0.0164*,,
,(0.0017),(0.0030),(0.0022),(0.0021),,
EASTER,–0.0479*,–0.0987*,–0.0310*,–0.1064*,,
,(0.0101),(0.0158),(0.0127),(0.0141),,
MAR89,–0.0311,–0.1064*,,,,
,(0.0235),(0.0451),,,,
MAR90,0.0609* - 0.1265*B - 0.006*B2,,-0.6667* - 0.1482*B,-0.6491* - 0.2287*B,,
,(0.0322)  (0.0364)   (0.0270)    ,,(0.0759)  (0.0631)   ,(0.0457)  (0.0387)   ,,
APR90,,0.0494,,,,
,,(0.0520),,,,
JAN91,–0.0998*,,,,,
,(0.0272),,,,,
APR91,0.0436*,,,
,(0.0245),,,
FEB92,0.0942*,,-1.6170* - 0.3406*B - 0.1301*B2,-2.0973* - 0.4516*B
,(0.0216),,(0.0323)   (0.0417)    (0.0381)    ,(0.0383)   (0.0411)  
JAN98,-0.1190* - 0.0951*B - 0.0721*B2,,-0.1107* - 0.1010*B,
,(0.0269)  (0.0303)    (0.0283)    ,,(0.0360)   (0.0349)  ,
DPSMT,–1.2817*,0.7601*,,
,(0.1202),(0.1640),,
DP10MT,–0.1878,–2.4665*,,
,(0.4350),(0.6658),,
DPSBT,,,–1.2776*,0.2205*
,,,(0.1600),(0.0679)
DP10BT,,,0.7461,–0.5178*
,,,(0.5128),(0.1838)
DPTC,0.6922,2.6274*,–0.6958,0.9075*
,(0.5463),(0.8564),(0.6393),(0.2516)
f1,–0.5577,,–0.2586*,
,(0.3319),,(0.0961),
f2,,,–0.3086*,
,,,(0.0908),
q1,–0.5775,,,0.4047*
,(0.3386),,,(0.0767)
q2,,,,0.5842*
,,,,(0.0774)
F12,,,–0.5154*,
,,,(0.0731),
Q12,0.3145*,0.5629*,,0.7979*
,(0.0830),(0.0651),,(0.0871)
Q24,,,,–0.2589*
,,,,(0.0809)
sa,0.035717,0.065537,0.040829,0.041271
R2,0.89,0.6,0.98,0.99
"LBQ (12, 24, 36)","5.4, 16.0, 27.2","9.1, 11.5, 22.3","14.6, 23.1, 25.0","7.8, 19.7, 36.2"
Jarque-Bera (p-value),2.43 (0.297),0.289 (0.865),2.11 (0.348),6.36 (0.042)
White’s heterosk (p-value),22.82 (0.83),6.08 (0.81),4.35 (0.99),2.11 (0.999)
"Notes: Standard errors are in parenthesis. * significant at 5%; Ρ = (1 – B) and Ρ12 = (1 – B12): regular and seasonal differences; B: lag operator; DPTi (i = SMT, 10BT, SBT, 10BT, TC): rates of growth of deflated prices for Metro and bus tickets; LBQ: Ljung-Box Q statistics; sa  = residual standard error.",,,,