Varibles | (C, T, L) | T-stastics | p-value | Smoothness |
CPI | (C, T, 12) | −0.6131 | 0.9754 | Stationary |
dCPI | (C, T, 12) | −7.263192 | 0.0000 | Stationary |
RM2 | (C, T, 12) | −1.604307 | 0.7821 | Non-stationary |
dRM2 | (C, T, 12) | −6.167182 | 0.0000 | Stationary |
EXR | (C, 0, 12) | −5.017896 | 0.0001 | Stationary |
dEXR | (C, 0, 12) | −8.540224 | 0.0000 | Stationary |
FDI | (C, T, 12) | −1.057897 | 0.9285 | Non-stationary |
dFDI | (C, T, 12) | −3.920798 | 0.0161 | Stationary |
RES | (C, T, 12) | −0.649772 | 0.9731 | Non-stationary |
dRES | (C, T, 12) | −7.633750 | 0.0000 | Stationary |
AM2 | (C, T, 12) | −2.034470 | 0.5736 | Non-stationary |
dUSM2 | (C, T, 12) | −4.109890 | 0.0091 | Stationary |
TRADEF | (C, 0, 12) | −4.823142 | 0.0001 | Stationary |
dTRADEF | (C, 0, 12) | −12.69718 | 0.0001 | Stationary |
CRB | (C, T, 12) | −4.534960 | 0.0024 | Stationary |
dCRB | (C, T, 12) | −10.61541 | 0.0000 | Stationary |