Equation (1)

Equation (2)

Variable

LM

p-value

LM

p-value

Conclusion

y, d

0.137

0.711

5.378

0.020

Not both series display a cycle at the 10% significance level

y, nd

21.535

0.000

28.658

0.000

Both series each have a cycle at the 1% significance level

y, f

2.254

0.133

21.476

0.000

Not both series display a cycle at the 10% significance level

y, s

8.807

0.003

8.736

0.003

Both series each have a cycle at the 1% significance level

y, o

5.758

0.016

20.821

0.000

Both series each have a cycle at the 1% significance level