| |
|
ADF |
|
|
|
ADF |
|
|
EGWHIM |
level |
-0.41 |
-2.80 |
EGMZPF |
level |
-1.22 |
-1.22 |
| |
first differenc |
-1.47 |
-4.14 |
|
first differences |
-0.98 |
-3.37 |
|
EGWHPR |
level |
-0.22 |
-1.73 |
EGMZWS |
level |
-0.18 |
-1.51 |
| |
first differenc |
-1.08 |
-3.98 |
|
first differences |
-1.08 |
-3.70 |
|
EGWHPF |
level |
-0.26 |
-1.73 |
EGMZRT |
level |
-0.16 |
-1.48 |
| |
first differenc |
-1.11 |
-3.93 |
|
first differences |
-0.98 |
-3.45 |
|
EGWHWS |
level |
-0.22 |
-1.62 |
EGSHPR |
level |
-0.20 |
-2.15 |
| |
first differenc |
-1.10 |
-3.79 |
|
first differences |
-0.72 |
-3.14 |
|
EGWHRT |
level |
-0.18 |
-1.46 |
EGSHPF |
level |
0.50 |
1.99 |
| |
first differenc |
-1.07 |
-3.75 |
|
first differences |
1.27 |
3.99 |
|
EGRIEX |
level |
-0.38 |
-3.12 |
EGSHWS |
level |
-0.21 |
-2.28 |
| |
first differenc |
-1.07 |
-5.27 |
|
first differences |
-0.77 |
-3.69 |
|
EGRIPF |
level |
-0.17 |
-2.21 |
EGSHRT |
level |
-0.20 |
-2.14 |
| |
first differenc |
-0.98 |
-3.62 |
|
first differences |
-0.82 |
-3.56 |
|
EGRIWS |
level |
-0.34 |
-1.53 |
EGBUPR |
level |
-0.16 |
-2.02 |
| |
first differenc |
-1.10 |
-3.53 |
|
first differences |
-0.74 |
-3.26 |
|
EGRIRT |
level |
-0.13 |
-1.39 |
EGBURT |
level |
-0.15 |
-1.89 |
| |
first differenc |
-0.69 |
-2.96 |
|
first differences |
-0.75 |
-3.20 |
|
EGMZIM |
level |
-0.31 |
-2.33 |
EGCEPR |
level |
-0.19 |
-2.11 |
| |
first differenc |
-1.16 |
-4.42 |
|
first differences |
-0.86 |
-3.81 |
|
EGMZPR |
level |
-0.20 |
-1.78 |
EGBMPR |
level |
-0.19 |
-1.90 |
| |
first differenc |
-1.05 |
-3.82 |
|
first differences |
-0.81 |
-3.34 |
|
EGBMWS |
level |
-0.19 |
-2.13 |
EGBMPF |
level |
-0.13 |
-1.90 |
| |
first differenc |
-0.81 |
-3.64 |
|
first differences |
-0.58 |
-2.53 |
|
EGPLPF |
level |
-0.35 |
-2.60 |
EGBMRT |
level |
-0.13 |
-2.08 |
| |
first differenc |
-0.96 |
-3.69 |
|
first differences |
-0.85 |
-3.77 |
see Table 1 for variables' names
Bold = significantly different from zero at 5% or less
source: own calculation on ESCB price data
