Null Hypothesis: APD has a unit root

Exogenous: Constant

Bandwidth: 0 (Newey-West automatic) using Bartlett kernel

Adj. t-Stat

Prob.*

Phillips-Perron test statistic

−5.131255

0.0002

Test critical values:

1% level

−3.670170

5% level

−2.963972

10% level

−2.621007