Series

Phillips-Perron

PDF-GLS

C

C/T

C

C/T

lnTB

−2.182

−3.274

−1.746

−3.164

lnY

0.611

−0.919

1.870

−1.742

lnRER

−2.287

−3.138

−2.293*

−2.932

ΔlnTB

−7.722*

−8.163*

−5.850*

−6.832*

ΔlnY

−4.376*

−4.748*

−2.843*

−3.784*

ΔlnRER

−6.940*

−6.864*

−7.018*

−7.027*