I have a cross-sectional dataset which I obtained from panel data. All the variables are on macroeconomics with n=75. I want to check my variables for multicollinearity using VIF. I got the following results :
mean VIF: 1.62 mean VIF: 1.55
I do not know what values to use in order to compare VIF. My professor's lecture notes say that if mean VIF>1 then it is evidence for multicollinearity. However, I searched for more information on this issue and I understood that there no appropriate value but it depends of the kind of the research.
How do I know which level is appropriate for my research?