Fig 1.
The rate of growth of GDP, unemployment, GINI index and consumption expenditure.
Table 1.
Description of variables and corresponding statistical data sources.
Table 2.
Series stationarity tests.
Table 3.
VAR lag order selection criteria.
Table 4.
ARDL long-run form and bounds test.
Table 5.
Stepwise regression.
Table 6.
Estimation command, equation, and substituted coefficients.
Table 7.
Wald test.
Fig 2.
Multiplier graph for EG(Pos) and EG(Neg).
Table 8.
Causality test—t-statistic approach.
Table 9.
Diagnostic tests.
Fig 3.
Model stability: CUSUM & CUSUM square test.