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We attempted longer lag terms, however the results do not vary, so we omit their presentation.
Secondly, international crude oil prices and domestic refined oil prices are affected by their lag terms from positive and negative directions in different degrees.
Moreover, international crude oil prices and China domestic refined oil prices are affected by their lag terms in positive and negative directions in different degrees.
From Eqs. (2) and (3), it can be seen that two variables are not only affected by their own lags, but also influence another variable's lag terms.
Lag terms are used to capture the relationship between observations in adjacent periods and daily and annual seasonality are modeled to consider the correlation between the same periods in adjacent days and years.
The 1 and 2 period lag terms of domestic refined oil variables have weak and negative impact on the international crude oil price, with respective effects of 0.0535 and 0.0496.
Similar(33)
By examining the results of our immigration variables, the first lag term of immigrant flows yields a positive coefficient, while the second lag term yields a negative coefficient, and both are significant at the 1% level or better.
Hence, the weighted ethnic spatial lag term (ethnic network in this study) is treated as an endogenous variable6.
It is assumed that the deflection function accounts for a phase lag term only and does not consider any attenuation terms.
In order to achieve a good efficiency we employ a fully parallel and fast convergent waveform relaxation (WR) method and evaluate the lag term by using FFT techniques.
Among them, according to Eq. (2) for the international crude oil price vector autoregression that the international crude oil price is positively affected by its own 1 period lag term and the influence degree is 1.2300; the international crude oil price is negatively affected by its own 2 period lag term, and the influence degree is 0.1575.
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