Variable

Test type

ADF statistics

Critical value

Conclusion

lny

(c, t, 2)

−3.353143

−3.461094

unstable

lnX1

(c, t, 1)

−1.910562

−3.460516

unstable

lnX2

(c, t, 1)

−1.545540

−3.460516

unstable

lnX3

(c, t, 2)

−2.854330

−3.461094

unstable

dlny

(c, t, 1)

−9.784205

−3.461094

stable

dlnX1

(c, t, 0)

−16.48982

−3.460516

stable

dlnX2

(c, t, 0)

−12.50153

−3.460516

stable

dlnX3

(c, t, 1)

−9.574411

−3.461094

stable