| ADF Test | PP Test | |||
| Level | First differences | Level | First differences | |
| Variables | ADF Tests with trend & Intercept | ADF Tests with trend & Intercept | PP Tests with trend & Intercept | PP Tests with trend & Intercept |
| lnEx | −2.7627 (1) | −17.141 (1) | −4.6830 (1) | |
| lnFy | −0.6551 (1) | −7.4190 (1) | −0.5100 (1) | −7.4028 (1) |
| lnRp | −1.4004 (1) | −5.3629 (1) | −1.7021 (1) | −5.2177 (1) |
| lnErate | −3.2716 (1) | −7.4405 (1) | −3.0211 (1) | −7.4493 (1) |