Null Hypothesis: D (APD) has a unit root

Exogenous: Constant

Bandwidth: 28 (Newey-West automatic) using Bartlett kernel

Adj. t-Stat

Prob.*

Phillips-Perron test statistic

−26.28016

0.0001

Test critical values:

1% level

−3.679322

5% level

−2.967767

10% level

−2.622989