Variable

ADF

PP

C

C, T

C

C, T

LMARKET

0.838 (0)

−0.189 (0)

0.510 [3]

−0.508 [3]

ΔLMARKET

−13.99 (0)*

−14.89 (0)*

−13.982 [2]*

−14.091 [1]*

LNPRICE

−0.925 (1)

−1.553 (1)

−1.087 [5]

−1.816 [5]

ΔLNPRICE

−17.313 (0)*

−17.280 (0)*

−17.288 [5]*

−17.258 [5]*

LNVENUES

−1.880 (3)

−1.084 (3)

−0.310 [10]

−1.460 [10]

ΔLNVENUES

−6.828 (2)*

−7.870 (2)*

−10.354 [4]*

−11.162 [1]*