Fig. 7

Sensitivity of JPI–SMI Relationship Depending on the Lag Length in JPI Definition. Each point on the lines represents the value of the coefficient of the JPI or the SMI in the respective equation of (7). The system (7), in the specification (3) as shown in Table 3, was estimated on a subset of countries where it was possible to include all lags from 3\(^{rd}\) to 10\(^{th}\) in 2002–2012. These countries are Denmark, Estonia, France, Germany, Greece, Iceland, Ireland, Italy, the Netherlands, Portugal, Spain, Switzerland and the United Kingdom. Because it was not possible to include all countries that were included in the model whose results were discussed above due to data unavailability, the values of the coefficients shown in the figure are different from those shown in Table 3.