| Variable | ADF Test value | Type (c, t, k) | Threshold (5%) | result |
| SC | −4.468592 | (c, t, 0) | −3.479367 | smooth |
| ID | −2.121043 | (c, t, 0) | −3.479367 | Non−smooth |
| ERY | −5.199110 | (c, t, 0) | −3.479367 | smooth |
| NDF | −6.275139 | (c, t, 0) | −3.479367 | smooth |
| MKT | −6.536636 | (c, t, 0) | −3.479367 | smooth |
| House | −5.137614 | (c, t, 2) | −3.481595 | smooth |
| GDP | −2.723965 | (c, t, 2) | −3.483970 | smooth |
| DID | −9.583127 | (c, t, 2) | −3.480463 | smooth |
| DGDP | −4.826615 | (c, t, 2) | −3.492149 | smooth |