Dependent variable 
Regressors 

sample: Jan 1979  May 2001 

ISRIWS 
= 
WRRIRP 
cointegration * 



0.81 
0.14 



1.83 
4.21 

sample: Jan 1979  May 2001 

ISCFWS 
= 
WRCFRP 
cointegration * 



1.00 
0.11 



3.40 
3.59 

dISCFWS 
= 
dWRCFRP 
ecm(1) 



0.10 
0.10 



3.87 
4.01 

see Table 1 for variables' names
* figures reported are the ADF coefficients and t values for the level of the residual of the static regression between the two variables reported on the left. This corresponds to the Engle and Granger (1987) test for cointegration
source: own calculation on ESCB price data