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]* |