| Panel A: Data at Level | ||||
|
| ADF Unit Root Test | PP Unit Root Test | ||
| Trend and Intercept | Intercept | Trend and Intercept | Intercept | |
| VDLDSEGEN | −6.378835* |
| −6.980231* |
|
| VDLIPI | −11.98728* |
| −15.06333* |
|
| VDLINT | −4.414721* |
| −5.793349* |
|
| VDLCPI | −2.191389 | −1.895569 | −2.154714 | −1.922078 |
| VDLEXR | −4.531100* |
| −6.273207* |
|
| VDLM2 | −2.164867 | −1.177264 | −3.113696 | −1.739278 |
| VDLGDPRICE | −6.573112* |
| −21.05608* |
|
| Panel B: Data at First Difference | ||||
| VDLCPI | −16.56358 |
| −16.56358* |
|
| VDLM2 | −3.679422 |
| −21.54431 |
|