Variables

Method (C, T, n)

ADF-Value

P-Value

$\ln \left(\frac{M_0}{P}\right)$

(C, T, 0)

−4.605

0.003

$\ln \frac{\text{GDP}}{P}$

(C, 0, 0)

−2.083

0.252

$r_b$

(0, 0, 0)

−1.346

0.163

$r_e$

(0, 0, 0)

−5.842

0.000

$D\left(\ln \left(\frac{M_0}{P}\right)\right)$

(C, T, 1)

−4.136

0.011

$D\left(\ln \frac{\text{GDP}}{P}\right)$

(C, 0, 1)

−3.038

0.039

$D\left(r_b\right)$

(0, 0, 1)

−3.696

0.000

$D\left(r_e\right)$

(0, 0, 1)

−8.219

0.000