| MODEL CET | MODEL CER | ||
Statistic | p-value | Statistic | p-value | |
Modified variance ratio | −2.8489 | 0.0022 | −2.7203 | 0.0033 |
Modified Phillips-Perron t | 2.5853 | 0.0049 | 0.9493 | 0.1712 |
Phillips-Perron t | 2.7982 | 0.0026 | −0.9735 | 0.1652 |
Augmented Dickey-Fuller t | 2.5594 | 0.0052 | −0.0888 | 0.4646 |
Modified Phillips-Perron t | 2.9852 | 0.0014 | 1.5704 | 0.0582 |
Phillips-Perron t | 2.5701 | 0.0051 | −0.6691 | 0.2517 |
Augmented Dickey-Fuller t | 2.3413 | 0.0096 | 0.2049 | 0.4188 |