 $\left(UR_{t} - UR_{t-1}\right)*4$  &  \bf 0.26 &  \bf 0.24 &  \bf -1.47 &  \bf -1.32 & 0.40 \\  &  &  & (0.27) & (0.30) &  \\  $UR_{t} - UR_{t-4}$  &  \bf 0.25 &  \bf 0.10 &  \bf -1.74 &  \bf -1.04 & 0.00 \\  &  &  & (0.29) & (0.32) &  \\  $UR_{t+2} - UR_{t-2}$  &  \bf 0.35 &  \bf 0.21 &  \bf -2.19 &  \bf -1.59 & 0.02 \\  &  &  & (0.28) & (0.34) &  \\  $UR_{t+4} - UR_{t}$  &  \bf 0.24 &  \bf 0.18 &  \bf -1.81 &  \bf -1.46 & 0.08 \\  &  &  & (0.31) & (0.31) &  \\ 
