H₀: non-stationary in levels

H₀: non-statioinary in first differences

Variable

ADF Statistic

PP Statistic

ADF Statistic

PP Statistic

PCON

0.620427

0.547361

−4.906727***

−4.879549***

NDI

−2.285811

−2.327518

−5.000184***

−5.027184***

GOVEXP

−2.732499

−2.818728

−4.705376***

−4.696117***

DR

−3.689404**

−2.216151

−4.954089***

−6.282578***

INFL

−6.029111***

−6.869833***

-

-