Multiple Linear Regression - Estimated Regression Equation

BEL20[t] = + 25.3407584564391 + 0.65103168012121Eonia[t] + 0.0100078349950887Werkloosheid[t] + 0.0146904140268424Consumentenvertrouwen[t] + 0.0478695342530798Goudprijs[t] + 0.0140088218724249Olieprijs[t] -0.29522836259052CPI[t] + 0.12041578914747M1[t] + 0.214991787111754M2[t] + 0.253853974474647M3[t] + 0.41279744206612M4[t] + 0.508351332683476M5[t] + 0.353285138780970M6[t] -0.176219873416028M7[t] -0.354323152567325M8[t] -0.237604300450137M9[t] -0.150983928680366M10[t] + 0.0612238802489834M11[t] + 0.0582577172040336t + e[t]

Multiple Linear Regression - Ordinary Least Squares
Variable	Parameter	S.D.	T-STAT H0: parameter = 0	2-tail p-value	1-tail p-value
(Intercept)	25.3407584564391	5.442797	4.6558	9e-06	4e-06
Eonia	0.65103168012121	0.056701	11.4818	0	0
Werkloosheid	0.0100078349950887	0.001479	6.7683	0	0
Consumentenvertrouwen	0.0146904140268424	0.005504	2.6692	0.008733	0.004366
Goudprijs	0.0478695342530798	0.018246	2.6236	0.009914	0.004957
Olieprijs	0.0140088218724249	0.00322	4.3507	3e-05	1.5e-05
CPI	-0.29522836259052	0.050216	-5.8792	0	0
M1	0.12041578914747	0.143389	0.8398	0.402818	0.201409
M2	0.214991787111754	0.144354	1.4893	0.139208	0.069604
M3	0.253853974474647	0.144702	1.7543	0.08211	0.041055
M4	0.41279744206612	0.146344	2.8207	0.005669	0.002835
M5	0.508351332683476	0.149641	3.3971	0.000943	0.000472
M6	0.353285138780970	0.149806	2.3583	0.020093	0.010047
M7	-0.176219873416028	0.152243	-1.1575	0.249535	0.124767
M8	-0.354323152567325	0.15561	-2.277	0.024686	0.012343
M9	-0.237604300450137	0.151766	-1.5656	0.120265	0.060133
M10	-0.150983928680366	0.146112	-1.0333	0.303669	0.151834
M11	0.0612238802489834	0.14371	0.426	0.670908	0.335454
t	0.0582577172040336	0.009256	6.294	0	0

Multiple Linear Regression - Regression Statistics
Multiple R	0.91674609555928
R-squared	0.840423403723184
Adjusted R-squared	0.814777165035838
F-TEST (value)	32.769850346042
F-TEST (DF numerator)	18
F-TEST (DF denominator)	112
p-value	0
Multiple Linear Regression - Residual Statistics
Residual Standard Deviation	0.32674486748741
Sum Squared Residuals	11.9573673440889

Multiple Linear Regression - Actuals, Interpolation, and Residuals
Time or Index	Actuals	Interpolation Forecast	Residuals Prediction Error
1	3.03	2.41596885867001	0.614031141329988
2	2.803	2.58531491067328	0.217685089326717
3	2.768	2.53639437902601	0.231605620973994
4	2.883	2.68442598387716	0.198574016122839
5	2.863	2.85644597786120	0.0065540221387964
6	2.897	2.88691917955610	0.0100808204439044
7	3.013	2.81213939983851	0.200860600161486
8	3.143	3.17023952134700	-0.0272395213470044
9	3.033	3.00591457826105	0.0270854217389537
10	3.046	3.22410092517533	-0.178100925175330
11	3.111	3.23178801983939	-0.120788019839391
12	3.013	3.63228220971119	-0.619282209711191
13	2.987	3.35804419030867	-0.371044190308667
14	2.996	3.40830788407130	-0.412307884071296
15	2.833	3.14391926022497	-0.310919260224972
16	2.849	3.15658769226438	-0.307587692264380
17	2.795	2.84387404345814	-0.0488740434581386
18	2.845	2.58194385110813	0.263056148891867
19	2.915	2.60488184709506	0.310118152904940
20	2.893	2.67085850036198	0.222141499638018
21	2.604	2.41863997901302	0.185360020986977
22	2.642	2.29288366787538	0.349116332124615
23	2.66	1.81169830509459	0.848301694905411
24	2.639	1.91176804573129	0.727231954268709
25	2.72	2.03612772432040	0.683872275679604
26	2.746	2.18769805829518	0.558301941704816
27	2.736	2.19960906336324	0.536390936636757
28	2.812	2.35962659368962	0.452373406310384
29	2.799	2.40906785470407	0.389932145295934
30	2.555	2.40383274519865	0.151167254801353
31	2.305	2.37078553032195	-0.0657855303219517
32	2.215	2.31193015597949	-0.0969301559794918
33	2.066	2.43981397096282	-0.373813970962824
34	1.94	2.55133029841349	-0.611330298413494
35	2.042	2.68731638396233	-0.645316383962329
36	1.995	2.55598934647724	-0.560989346477236
37	1.947	2.50326904845860	-0.556269048458596
38	1.766	2.35634482832840	-0.590344828328395
39	1.635	2.14737069723765	-0.512370697237647
40	1.833	2.32477946775227	-0.491779467752267
41	1.91	2.53935271906632	-0.629352719066317
42	1.96	2.18452727212114	-0.224527272121142
43	1.97	2.15815409084331	-0.188154090843305
44	2.061	2.14239716984115	-0.0813971698411475
45	2.093	2.22188748651441	-0.128887486514414
46	2.121	2.20159503989760	-0.0805950398976033
47	2.175	2.34578059815185	-0.170780598151848
48	2.197	2.51151340570407	-0.314513405704073
49	2.35	2.69199216736911	-0.341992167369114
50	2.44	2.73112330932109	-0.291123309321093
51	2.409	2.72190479022424	-0.312904790224244
52	2.473	2.69844195946684	-0.225441959466841
53	2.408	2.61147742036940	-0.203477420369403
54	2.455	2.66602079543612	-0.211020795436117
55	2.448	2.59057086886206	-0.142570868862062
56	2.498	2.67351783357509	-0.175517833575091
57	2.646	2.87059351794612	-0.224593517946122
58	2.757	2.90455916339446	-0.147559163394463
59	2.849	2.95825971345761	-0.109259713457614
60	2.921	2.99281480703369	-0.0718148070336882
61	2.982	3.10225466502076	-0.120254665020761
62	3.081	3.0612201812079	0.0197798187921011
63	3.106	3.01150834826823	0.094491651731769
64	3.119	3.0104882811983	0.108511718801699
65	3.061	2.94163907043094	0.119360929569062
66	3.097	2.83224767974109	0.264752320258914
67	3.162	2.71313304001469	0.448866959985308
68	3.257	2.7402356909808	0.516764309019201
69	3.277	2.84653714375659	0.430462856243405
70	3.295	2.9358416219813	0.359158378018701
71	3.364	3.02279067053168	0.341209329468319
72	3.494	3.28379999474493	0.210200005255074
73	3.667	3.62834514647274	0.0386548535272572
74	3.813	3.58913636985116	0.223863630148842
75	3.918	3.68064854190366	0.237351458096342
76	3.896	3.87886578317594	0.0171342168240591
77	3.801	3.93251218175961	-0.131512181759608
78	3.57	3.8557929792219	-0.285792979221896
79	3.702	3.91298582428604	-0.210985824286041
80	3.862	3.90184690926293	-0.0398469092629297
81	3.97	3.98777290376445	-0.0177729037644518
82	4.139	4.03347935802828	0.105520641971716
83	4.2	4.03802142733868	0.161978572661320
84	4.291	3.90265761538329	0.388342384616713
85	4.444	4.15415400017194	0.289845999828062
86	4.503	4.11097490496396	0.392025095036035
87	4.357	4.11379868246633	0.243201317533671
88	4.591	4.32918546451529	0.261814535484708
89	4.697	4.34685164503624	0.350148354963755
90	4.621	4.25486674124944	0.366133258750559
91	4.563	4.29004907930392	0.272950920696079
92	4.203	4.24411207986393	-0.0411120798639304
93	4.296	4.24847759278414	0.0475224072158632
94	4.435	4.11377126795341	0.321228732046587
95	4.105	4.00818205934774	0.0968179406522602
96	4.117	3.88386249370042	0.233137506299584
97	3.844	4.10848017254059	-0.264480172540592
98	3.721	4.01826944281291	-0.297269442812913
99	3.674	3.85268559859748	-0.178685598597476
100	3.858	3.85352957698012	0.00447042301988056
101	3.801	3.63913781366492	0.161862186335084
102	3.504	3.51204963069439	-0.0080496306943907
103	3.033	3.50962452096158	-0.476624520961581
104	3.047	3.45786021001849	-0.410860210018485
105	2.962	3.23467339233154	-0.272673392331541
106	2.198	2.61256231185604	-0.414562311856042
107	2.014	2.25550697759211	-0.241506977592114
108	1.863	1.85971989365845	0.00328010634154698
109	1.905	1.82821745547459	0.0767825445254115
110	1.811	1.59878875611755	0.212211243882449
111	1.67	1.83130727632127	-0.161307276321270
112	1.864	1.86149268019524	0.00250731980475932
113	2.052	2.02003146159395	0.0319685384060461
114	2.03	2.22645019677436	-0.19645019677436
115	2.071	2.01564954280566	0.0553504571943378
116	2.293	2.06810052442989	0.22489947557011
117	2.443	2.15241174227281	0.290588257727189
118	2.513	2.19261728592130	0.320382714078697
119	2.467	2.47205418208476	-0.00505418208475503
120	2.503	2.49859218785544	0.00440781214455776
121	2.54	2.58914657119259	-0.0491465711925924
122	2.483	2.51582135435726	-0.0328213543572620
123	2.626	2.49285336236692	0.133146637633076
124	2.656	2.67657651688484	-0.0205765168848406
125	2.447	2.49360981205521	-0.046609812055209
126	2.467	2.59634892889869	-0.129348928898690
127	2.462	2.66602625566721	-0.204026255667208
128	2.505	2.59590140433925	-0.0909014043392488
129	2.579	2.54227769239303	0.0367223076069659
130	2.649	2.67225905950338	-0.0232590595033843
131	2.637	2.79260166259926	-0.155601662599259

Goldfeld-Quandt test for Heteroskedasticity
p-values	Alternative Hypothesis
breakpoint index	greater	2-sided	less
22	0.0365539644196985	0.073107928839397	0.963446035580302
23	0.0122647074281565	0.0245294148563130	0.987735292571843
24	0.00487314470258516	0.00974628940517031	0.995126855297415
25	0.00231007340371228	0.00462014680742457	0.997689926596288
26	0.00196304808423506	0.00392609616847011	0.998036951915765
27	0.00113776282889521	0.00227552565779042	0.998862237171105
28	0.000616312423512185	0.00123262484702437	0.999383687576488
29	0.000423971919227570	0.000847943838455139	0.999576028080772
30	0.00108457753817057	0.00216915507634114	0.99891542246183
31	0.00428077201300573	0.00856154402601147	0.995719227986994
32	0.00722926702022238	0.0144585340404448	0.992770732979778
33	0.00591948783744681	0.0118389756748936	0.994080512162553
34	0.00395139188168583	0.00790278376337166	0.996048608118314
35	0.00563272456383847	0.0112654491276769	0.994367275436162
36	0.0134467186121162	0.0268934372242323	0.986553281387884
37	0.0258077369265930	0.0516154738531861	0.974192263073407
38	0.0162570497308345	0.0325140994616690	0.983742950269165
39	0.0106239420298770	0.0212478840597540	0.989376057970123
40	0.0234946037558891	0.0469892075117782	0.97650539624411
41	0.0369314772473947	0.0738629544947893	0.963068522752605
42	0.116433215288860	0.232866430577719	0.88356678471114
43	0.177252237747905	0.354504475495810	0.822747762252095
44	0.221086491297939	0.442172982595878	0.778913508702061
45	0.222949861607342	0.445899723214683	0.777050138392658
46	0.446779393103134	0.893558786206268	0.553220606896866
47	0.493778786990356	0.987557573980713	0.506221213009644
48	0.585071567791086	0.829856864417827	0.414928432208914
49	0.623708475273728	0.752583049452544	0.376291524726272
50	0.726443963544381	0.547112072911238	0.273556036455619
51	0.772009514389882	0.455980971220236	0.227990485610118
52	0.785497329396633	0.429005341206735	0.214502670603367
53	0.823118027381692	0.353763945236617	0.176881972618308
54	0.808251554621078	0.383496890757845	0.191748445378922
55	0.788729454207095	0.422541091585809	0.211270545792905
56	0.778685748391431	0.442628503217138	0.221314251608569
57	0.85984721949027	0.28030556101946	0.14015278050973
58	0.868867951953038	0.262264096093924	0.131132048046962
59	0.87680686147604	0.246386277047921	0.123193138523960
60	0.94734413574822	0.105311728503560	0.0526558642517802
61	0.978859936330559	0.0422801273388826	0.0211400636694413
62	0.991069688717417	0.0178606225651655	0.00893031128258276
63	0.992780180734461	0.0144396385310783	0.00721981926553913
64	0.995287620410357	0.00942475917928544	0.00471237958964272
65	0.996692886533392	0.00661422693321648	0.00330711346660824
66	0.99509604914498	0.00980790171004045	0.00490395085502023
67	0.99408979326041	0.0118204134791790	0.00591020673958952
68	0.994763207743684	0.0104735845126316	0.00523679225631578
69	0.997431436992287	0.00513712601542501	0.00256856300771250
70	0.997435812239229	0.00512837552154222	0.00256418776077111
71	0.998268706527056	0.00346258694588877	0.00173129347294439
72	0.997291044007429	0.0054179119851425	0.00270895599257125
73	0.996689767597989	0.00662046480402285	0.00331023240201143
74	0.995307689543856	0.0093846209122871	0.00469231045614355
75	0.995659973597485	0.00868005280503084	0.00434002640251542
76	0.993460488702633	0.0130790225947335	0.00653951129736676
77	0.993494196064906	0.0130116078701874	0.00650580393509368
78	0.997437241116748	0.00512551776650359	0.00256275888325179
79	0.99820921350534	0.00358157298932179	0.00179078649466090
80	0.997125993752668	0.00574801249466347	0.00287400624733173
81	0.997750951600282	0.00449809679943697	0.00224904839971848
82	0.999311252482675	0.00137749503464989	0.000688747517324943
83	0.999507882109164	0.000984235781672534	0.000492117890836267
84	0.999539473880244	0.000921052239512349	0.000460526119756174
85	0.9994416450775	0.00111670984500034	0.000558354922500168
86	0.999147567159988	0.00170486568002486	0.000852432840012428
87	0.998606437579412	0.00278712484117607	0.00139356242058803
88	0.997763927733039	0.00447214453392191	0.00223607226696096
89	0.997479116868416	0.00504176626316756	0.00252088313158378
90	0.996204392414757	0.00759121517048524	0.00379560758524262
91	0.996726555569583	0.00654688886083429	0.00327344443041714
92	0.994462430450818	0.0110751390983647	0.00553756954918235
93	0.990882890434634	0.0182342191307314	0.00911710956536568
94	0.99201840922019	0.0159631815596191	0.00798159077980953
95	0.998666306050297	0.00266738789940665	0.00133369394970333
96	0.99924679135916	0.00150641728168003	0.000753208640840016
97	0.999419979266056	0.00116004146788834	0.000580020733944168
98	0.999592492959544	0.000815014080911218	0.000407507040455609
99	0.999661915132047	0.000676169735905686	0.000338084867952843
100	0.999255355881237	0.00148928823752641	0.000744644118763206
101	0.999336909515234	0.00132618096953215	0.000663090484766076
102	0.999762563681794	0.000474872636411551	0.000237436318205775
103	0.99946079636405	0.00107840727189717	0.000539203635948587
104	0.998498710336058	0.00300257932788452	0.00150128966394226
105	0.996544598452075	0.00691080309584922	0.00345540154792461
106	0.995786196820514	0.00842760635897167	0.00421380317948584
107	0.987347989989634	0.0253040200207326	0.0126520100103663
108	0.989866357925545	0.0202672841489099	0.0101336420744550
109	0.977481155598716	0.0450376888025689	0.0225188444012844

Meta Analysis of Goldfeld-Quandt test for Heteroskedasticity
Description	# significant tests	% significant tests	OK/NOK
1% type I error level	45	0.511363636363636	NOK
5% type I error level	66	0.75	NOK
10% type I error level	69	0.784090909090909	NOK