Level

First Difference

Constant and Trend

Constant and Trend

( $\ln y_t$ )

*

−3.428

−14.941

**

−3.446

−3.446

***

0.052

0.000

( $\ln x_{1t}$ )

*

−3.156

−9.521

**

−3.446

−3.447

***

0.098

0.000

( $\ln x_{2t}$ )

*

−2.131

12.865

**

−−3.446

−3.446

***

0.523

0.000