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4. Results and discussion
From Table I it can be seen that both inflation and output growth are positively
skewed and display a significant amount of excess kurtosis in both inflation and
growth. Both inflation and growth failed to satisfy the Jarque-Bera test for normality.
Table II shows that there is a significant amount of serial dependence in the data.
Similarly, the Ljung-Box test for serial correlation for squared data provides strong
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