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