Level

First Difference

Constant and Trend

Constant and Trend

( $\ln y_t$ )

*

−3.151

−16.397

**

−3.446

−3.446

***

0.099

0.000

( $\ln x_{1t}$ )

*

−6.377

−88.375

**

−3.446

−3.446

***

0.000

0.000

( $\ln x_{2t}$ )

*

−2.021

−13.173

**

−3.446

−3.446

***

0.584

0.000