Variable

Constant

Constant and Trend

Decision

Level

RGDPPC

0.5200

−0.8594

Series is not stationary

DD

−0.6727

−2.0691

Series is not stationary

DCPS

−1.5001

−2.1481

Series is not stationary

INV

−1.3062

−2.7456

Series is not stationary

PG

−4.7609***

−4.2821***

Series is stationary

TO

−1.5293

−2.5289

Series is not stationary

GS

0.5200

−3.1706

Series is not stationary

First difference

RGDPPC

−4.0501***

−5.8325***

Series is stationary

DD

−5.9817***

−6.4305***

Series is stationary

DCPS

−5.4906***

−5.4738***

Series is stationary

INV

−5.8616***

−5.6806***

Series is stationary

TO

−4.8677***

−4.8337***

Series is stationary

GS

−5.5561***

−5.5729***

Series is stationary