| Variable | H0: non-stationary in levels | H0: non-stationary in first differences | ||
| ADF Statistic | PP Statistic | ADF Statistic | PP Statistic | |
| ZARx | −2.368474 (0.1526) | −2.189706 (0.2111) | −9.543690 (0.0000) | −9.6028098 (0.0000) |
| R | −2.576603 (0.1004) | −2.245155 (0.1916) | −7.242216 (0.0000) | −6.939448 (0.0000) |
| SAp | −4.999880 (0.0000) | −6.356241 (0.0000) | −4.528673 (0.0003) | −4.344445 (0.0006) |
| Ygap | −4.367293 (0.0005) | −3.590699 (0.0072) | −5.821270 (0.0000) | −8.095603 (0.0000) |
| FedR | −3.639130 (0.0062) | −2.824355 (0.0575) | −8.457080 (0.0000) | −8.725219 (0.0000) |