| |
|
ADF |
|
|
|
ADF |
|
|
CHWHIM |
level |
-0.84 |
-3.63 |
CHPLIM |
level |
-0.40 |
-2.39 |
| |
first differences |
|
|
|
first differences |
-1.45 |
-4.98 |
|
CHWHPF |
level |
-0.79 |
-3.25 |
CHPLPR |
level |
-0.38 |
-2.11 |
| |
first differen |
-1.54 |
-4.50 |
|
first differences |
-1.11 |
-4.33 |
|
CHWHWS |
level |
-0.46 |
-2.31 |
CHPLWS |
level |
-1.09 |
-3.49 |
| |
first differen |
-1.37 |
-4.04 |
|
first differences |
-1.98 |
-5.44 |
|
CHWHRT |
level |
-0.23 |
-3.14 |
CHMPIM |
level |
-0.51 |
-3.31 |
| |
first differen |
-0.36 |
-1.96 |
|
first differences |
-1.37 |
-5.72 |
|
CHRIIM |
level |
-0.28 |
-2.13 |
CHMPWS |
level |
-0.51 |
-3.58 |
| |
first differen |
-1.25 |
-5.35 |
|
first differences |
|
|
|
CHRIPF |
level |
-1.11 |
-3.47 |
CHBMIM |
level |
-0.45 |
-2.39 |
| |
first differen |
-2.14 |
-6.08 |
|
first differences |
-1.56 |
-5.17 |
|
CHRIWS |
level |
-0.92 |
-3.11 |
CHBMPF |
level |
-0.78 |
-3.03 |
| |
first differen |
-1.94 |
-6.00 |
|
first differences |
-1.66 |
-4.64 |
|
CHMZIM |
level |
-0.78 |
-3.37 |
CHBMWS |
level |
-0.41 |
-2.90 |
| |
first differen |
-1.81 |
-6.30 |
|
first differences |
-0.95 |
-4.18 |
|
CHMZPF |
level |
-1.55 |
-4.53 |
CHBUWS |
level |
-0.33 |
-2.25 |
| |
first differences |
|
|
|
first differences |
-0.87 |
-3.07 |
|
CHPMIM |
level |
-0.63 |
-3.27 |
CHCEWS |
level |
-0.35 |
-2.73 |
| |
first differen |
-1.77 |
-5.83 |
|
first differences |
-0.77 |
-3.04 |
|
CHPMPF |
level |
-0.94 |
-3.32 |
CHCERT |
level |
-0.30 |
-2.56 |
| |
first differen |
-1.94 |
-5.42 |
|
first differences |
-0.66 |
-2.75 |
|
CHPMRT |
level |
-0.37 |
-2.82 |
|
|
|
|
| |
first differen |
-0.89 |
-3.98 |
|
|
|
|
see Table 1 for variables' names
Bold = significantly different from zero at 5% or less
source: own calculation on ESCB price data
