Null Hypothesis: D(EXR) has a unit root

Exogenous: Constant, Linear Trend

Lag Length: 0 (Automatic—based on AIC, maxlag = 4)

t-Statistic

Prob.*

Augmented Dickey-Fuller test statistic

−8.180842

0.0000

Test critical values:

1% level

−4.043609

5% level

−3.451184

10% level

−3.150986

Null Hypothesis: IFR has a unit root

Exogenous: Constant, Linear Trend

Lag Length: 3 (Automatic—based on AIC, maxlag = 4)

t-Statistic

Prob.*

Augmented Dickey-Fuller test statistic

−2.533017

0.3119

Test critical values:

1% level

−4.051450

5% level

−3.454919

10% level

−3.153171