Variables

Levels

First difference

Order of Integration

ADF

PP

ADF

PP

CB

−1.82

−1.429

−4.56*

−4.41*

I(1)

Y

−1.23

−1.29

5.43*

−5.52*

I(1)

Cpi

−2.12

−1.44

−3.49**

−4.72*

I(1)

BD

−1.48

−1.37

−4.55*

−4.91*

I(1)

ED

−3.54**

−4.12*

-

-

I(0)

RER

−5.62*

−4.95*

-

-

I(0)