|
|
ADF |
|
|
|
ADF |
|
TKWHEX |
level |
-0.89 |
-4.77 |
TKBMWS |
level |
-0.32 |
-2.11 |
|
first differences |
|
|
|
first differences |
-1.22 |
-4.24 |
TKWHPR |
level |
-0.43 |
-2.47 |
TKBMRT |
level |
-0.26 |
-1.84 |
|
first differences |
-1.29 |
-4.72 |
|
first differences |
-1.00 |
-3.51 |
TKWHPF |
level |
-0.43 |
-2.65 |
TKPLPR |
level |
-0.26 |
-2.01 |
|
first differences |
-1.09 |
-3.74 |
|
first differences |
-1.12 |
-3.61 |
TKWHWS |
level |
-0.38 |
-2.47 |
TKPLWS |
level |
-0.15 |
-1.21 |
|
first differences |
-1.07 |
-4.01 |
|
first differences |
-1.23 |
-4.31 |
TKRIIM |
level |
-0.44 |
-2.76 |
TKPLRT |
level |
-0.17 |
-1.34 |
|
first differences |
-1.34 |
-5.56 |
|
first differences |
-1.05 |
-3.77 |
TKRIPR |
level |
-0.30 |
-1.99 |
TKSYPR |
level |
-0.62 |
-3.12 |
|
first differences |
-1.40 |
-5.11 |
|
first differences |
-1.64 |
-5.01 |
TKRIPF |
level |
-0.45 |
-2.01 |
TKSYPF |
level |
-0.33 |
-1.53 |
|
first differences |
-1.39 |
-4.70 |
|
first differences |
-1.52 |
-3.89 |
TKRIWS |
level |
-0.31 |
-2.43 |
TKSFPR |
level |
-0.43 |
-2.50 |
|
first differences |
-1.27 |
-6.07 |
|
first differences |
-1.28 |
-4.47 |
TKRIRT |
level |
-0.32 |
-2.49 |
TKBUPR |
level |
-0.63 |
-2.43 |
|
first differences |
-1.29 |
-5.58 |
|
first differences |
-1.34 |
-4.10 |
TKMZPR |
level |
-0.23 |
-2.01 |
TKBUWS |
level |
-0.28 |
-2.54 |
|
first differences |
-0.99 |
-4.14 |
|
first differences |
-0.82 |
-3.34 |
TKMZPF |
level |
-0.32 |
-2.35 |
TKBURT |
level |
-0.32 |
-2.50 |
|
first differences |
-1.03 |
-3.79 |
|
first differences |
-1.18 |
-4.72 |
TKMZWS |
level |
-0.18 |
-2.00 |
TKCEPR |
level |
-0.15 |
-1.37 |
|
first differences |
-0.91 |
-3.95 |
|
first differences |
-0.89 |
-3.12 |
TKBMEX |
level |
-0.67 |
-3.11 |
TKCERT |
level |
-0.18 |
-1.44 |
|
first differences |
-2.18 |
-8.81 |
|
first differences |
-0.85 |
-3.26 |
TKBMPF |
level |
-0.15 |
-1.57 |
TKCEWS |
level |
-0.09 |
-0.73 |
|
first differences |
-0.79 |
-2.67 |
|
first differences |
-1.35 |
-4.69 |
see Table 1 for variables' names
Bold = significantly different from zero at 5% or less
source: own calculation on ESCB price data