A. Estimates of parameters

Parameters

Estimation

0.0012

−0.0212

−0.2394

−0.1666

−0.1597

−0.1324

Standard error

0.0004

0.0059

0.0222

0.0224

−0.0219

−0.02062

T value

2.8044

−3.5900

−10.7800

−7.4100

−7.1300

−6.0390

B. Augmented Dickey-Fuller T Test

: there exits a unit root

T statistics: Critical value at 5%: −0.86

Result: the null hypothesis of a unit root is rejected at 5%.