Variable

ADF value

Type of inspection (c,t,l)

1% critical value

5% critical value

p value

Smooth or not

LNM2

−3.37773

(c,0,0)

−3.50928

−2.89592

0.0145

Yes

LNRATE

−2.36374

(c,0,0)

−3.49991

−2.89187

0.1547

No

DLNRATE

−10.80210

(c,t,0)

−4.05752

−3.45781

0.0000

Yes

LNHP

−0.24385

(c,0,0)

−3.50928

−2.58517

0.9276

No

D LNHP

−3.61092

(c,t,0)

−4.06963

−3.46355

0.0348

Yes