Variable

P-Value

Infl (level)

0.0000***

Infl (1st diff)

0.0000***

LnRM2 (level)

0.0000***

LnRM2 (1st diff)

0.0000***

LnRGDP (level)

0.0000***

LnRGDP (1st diff)

0.0000***

Exch (level)

1.0000

Exch (1st diff)

0.0000***

LIBOR (level)

0.0001***

LIBOR (1st diff)

0.0000***