| ADF test | P.P. test | UR test with structural break | ||||
Variables | Intercept | Intercept & Trend | Intercept | Intercept & Trend | Impulse dummy | Shift dummy | Break point |
Sample period: 1983-1987 | |||||||
FECt | −8.053*** | −8.088*** | −8.057*** | −8.093*** | −4.230*** | −2.209 | 1986M08 |
∆FECt | −14.067*** | −14.076*** | −31.987*** | −31.258*** | −5.543*** | −4.344*** | 1986M08 |
TEMPt | −6.775*** | −6.868*** | −3.328** | −3.259* | −7.441*** | −7.267*** | 1987M09 |
∆TEMPt | −9.803*** | −9.839*** | −3.331** | −3.332* | −3.824*** | −2.468 | 1985M04 |
Sample period: 1988-1992 | |||||||
FECt | −6.753*** | −6.621*** | −5.044*** | −5.002*** | −3.956*** | −2.053 | 1991M06 |
∆FECt | −15.562*** | −15.676*** | −11.551*** | −11.466*** | −4.604*** | −1.657 | 1991M03 |
TEMPt | −10.332*** | −10.209*** | −3.297** | −3.229* | −8.178*** | −7.026*** | 1989M04 |
∆TEMPt | −6.323*** | −6.260*** | −4.139*** | −4.143*** | −4.687*** | −4.753*** | 1988M06 |
Sample period: 1993-1997 | |||||||
FECt | −6.279*** | −6.638*** | −4.692*** | −4.645*** | −4.880*** | −3.461** | 1996M08 |
∆FECt | −12.341*** | −12.315*** | −11.494*** | −11.397*** | −4.882*** | −2.163 | 1997M03 |
TEMPt | −8.058*** | −8.064*** | −3.286** | −3.234* | −7.945*** | −5.224*** | 1994M04 |
∆TEMPt | −7.564*** | −7.482*** | −4.126*** | −4.118*** | −4.357*** | −3.201*** | 1994M04 |
Sample period: 1998-2002 | |||||||
FECt | −6.595*** | −6.564*** | −3.832*** | −3.812** | −4.928*** | −3.510*** | 2001M11 |
∆FECt | −8.943*** | −8.851*** | −9.738*** | −9.655*** | −4.109*** | −1.229 | 2002M03 |
TEMPt | −6.359*** | −6.294*** | −3.248** | −3.182* | −8.225*** | −6.902*** | 1999M12 |
∆TEMPt | −8.201*** | −8.117*** | −3.672*** | −3.680** | −5.312*** | −3.349*** | 2000M01 |
Sample period: 2003-2007 | |||||||
FECt | −6.435*** | −7.440*** | −3.921*** | −3.959** | −4.890*** | −4.251*** | 2005M02 |
∆FECt | −12.405*** | −12.321*** | −9.717*** | −9.644*** | −3.701*** | −1.653 | 2005M03 |
TEMPt | −8.715*** | −9.082*** | −3.267** | −3.204* | −8.328*** | −5.063*** | 2005M12 |
∆TEMPt | −8.867*** | −8.895*** | −4.381*** | −4.375*** | −4.133*** | −3.844*** | 2005M12 |
Sample period: 2008-2012 | |||||||
FECt | −6.435*** | −7.440*** | −3.921*** | −3.959** | −3.480*** | −2.997** | 2008M11 |
∆FECt | −12.405*** | −12.321*** | −9.717*** | −9.644*** | −3.634*** | −1.508 | 2012M03 |
TEMPt | −8.715*** | −9.082*** | −3.267** | −3.204* | −9.686*** | −6.938*** | 2009M02 |
∆TEMPt | −8.867*** | −8.895*** | −4.381*** | −4.375*** | −5.231*** | −3.596*** | 2009M02 |