Null Hypothesis: D(L_RGDP15) has a unit root

Exogenous: Constant

Bandwidth: 33 (Newey-West automatic) using Bartlett kernel

Adj. t-Stat

Prob.*

Phillips-Perron test statistic

−4.211588

0.0011

Test critical values:

1% level

−3.503879

5% level

−2.893589

10% level

−2.583931

*MacKinnon (1996) one-sided p-values.

Residual variance (no correction)

0.000909

HAC corrected variance (Bartlett kernel)

0.000114

Phillips-Perron Test Equation

Dependent Variable: D(L_RGDP15,2)

Method: Least Squares

Date: 12/29/19 Time: 10:33

Sample (adjusted): 2012M03 2019M09

Included observations: 91 after adjustments

Variable

Coefficient

Std. Error

t-Statistic

Prob.

D(L_RGDP15(−1))

−0.427994

0.087043

−4.917043

0.0000

C

0.001686

0.003215

0.524362

0.6013

R-squared

0.213623

Mean dependent var

−4.46E−05

Adjusted R-squared

0.204788

S. D. dependent var

0.034185

S. E. of regression

0.030485

Akaike info criterion

−4.121459

Sum squared resid

0.082708

Schwarz criterion

−4.066276

Log likelihood

189.5264

Hannan-Quinn criter.

−4.099196

F-statistic

24.17731

Durbin-Watson stat

1.156230

Prob (F-statistic)

0.000004