Variable

Statistic (at level)

Probability (at level)

Statistic (at 1^st difference)

Probability

(at 1^st difference)

S & P

BMG

EXCH

INFL

CBOL

Real Int

LgStockT

LgSmktC

−11.5091

−8.07270

4.76985

−5.95626

−0.62113

−4.48828

−3.45335

−2.24299

0.0000

0.0000

1.0000*

0.0000

0.2673*

0.0000

0.0003

0.0124

−14.5551

−15.3068

−9.75033

−14.8135

−9.77459

−13.0785

−7.53627

−6.6472

0.0000

0.0000

0.0000

0.0000

0.0000

0.0000

0.0000

0.0000