Macroeconomic variable	ADF statistic at level	Test critical values at 1% level of significance	Test critical values at 5% level of significance	Test critical values at 10% level of significance	P-value	ADF statistic at 1^st difference	Test critical values at 1% level of significance	Test critical values at 5% level of significance	Test critical values at 10% level of significance	P-value
M_1	−2.771123	−3.544063	−2.910860	−2.593090	0.068500	−8.343738	−3.546099	−2.911730	−2.593551	0.000000
M_2	−1.518975	−3.544063	−2.910860	−2.593090	0.517300	−7.743742	−3.546099	−2.911730	−2.593551	0.000000
M_3	−2.184721	−3.544063	−2.910860	−2.593090	0.213900	−8.101964	−3.546099	−2.911730	−2.593551	0.000000
M_4	−2.558827	−3.544063	−2.910860	−2.593090	0.107200	−9.394846	−3.546099	−2.911730	−2.593551	0.000000
M_5	−2.009690	−3.544063	−2.910860	−2.593090	0.282000	−7.601256	−3.546099	−2.911730	−2.593551	0.000000
M_6	−2.265115	−3.544063	−2.910860	−2.593090	0.186500	−8.062592	−3.546099	−2.911730	−2.593551	0.000000
M_7	−2.869932	−3.544063	−2.910860	−2.593090	0.054900	−5.839286	−3.568308	−2.921175	−2.598551	0.000000
M_8	−1.322064	−3.544063	−2.910860	−2.593090	0.613900	−7.804268	−3.546099	−2.911730	−2.593551	0.000000
M_9	−2.050167	−3.544063	−2.910860	−2.593090	0.265300	−8.206944	−3.546099	−2.911730	-2.593551	0.000000