Null Hypothesis: Unit root (individual unit root process)

Series: CRMS

Date: 03/28/16 Time: 09:28

Sample: 1 144

Exogenous variables: Individual effects

Newey-West automatic bandwidth selection and Bartlett kernel

Total (balanced) observations: 142

Cross-sections included: 2

Method

Statistic

Prob.^**

PP-Fisher Chi-square

1.74882

0.7818

PP-Choi Z-stat

0.79740

0.7874

^**Probabilities for Fisher tests are computed using an asymptotic Chi-square distribution. All other tests assume asymptotic normality.

Intermediate Phillips-Perron test results CRMS

Cross

section

Prob.

Bandwidth

Obs

FFV

0.8848

8.0

71

JLX

0.4714

5.0

71