**4. Model estimation and results**

The estimation of the model starts with the examination of the time series properties of the data, using the Augmented Dickey-Fuller test to test for stationarity of the variables. The results of the unit root tests indicate that all the variables, except output gap and money supply growth are integrated of order 1 (I(1)) at below 5% significance level (**Table 1**). This means that in this model some variables have integration of zero order, I(0), and others have integration of the first order, I(1). This result satisfies the requirement for the application of the ARDL methodology which is further supported by the results of the Bounds test (**Table 2**). The result of the Bounds test for co-integration proposed by Pesaran et al. [25] within the ARDL framework, shows that the null hypothesis of no
