For a VAR model estimated using two variables X and Y, Lags of Y are jointly significant in the equation for X but Lags of X are jointly insignificant in the equation for Y. What can you conclude from this?
1
There is no Granger causality between X and Y
2
There is bidirectional Granger causality between X and Y
3
X Granger causes Y but Y does not Granger cause X
4
Y Granger causes X but X does not Granger cause Y