|
|
ADF |
PP |
ETBMRT |
level |
-0.13 |
-0.09 |
|
|
-2.89 |
-2.65 |
|
first differences |
-1.03 |
-1.10 |
|
|
-2.75 |
-13.47 |
ETMZPR |
level |
-0.18 |
-0.08 |
|
|
-2.71 |
-2.01 |
|
first differences |
-0.91 |
-0.77 |
|
|
-4.64 |
-6.32 |
ETMZRT |
level |
-0.23 |
-0.23 |
|
|
-1.89 |
-3.34 |
|
first differences |
-1.09 |
-1.19 |
|
|
-1.49 |
-11.54 |
ETRIRT |
level |
-0.14 |
-0.17 |
|
|
-1.73 |
-2.16 |
|
first differences |
-1.58 |
-1.11 |
|
|
-8.95 |
-9.37 |
ETSFRT |
level |
-0.14 |
-0.16 |
|
|
-2.21 |
-2.50 |
|
first differences |
-1.41 |
-1.29 |
|
|
-6.37 |
-12.84 |
ETSHRT |
level |
-0.12 |
-0.16 |
|
|
-1.83 |
-2.77 |
|
first differences |
-1.42 |
-1.24 |
|
|
-6.06 |
-12.25 |
ETWHRT |
level |
-0.13 |
-0.11 |
|
|
-2.42 |
-2.38 |
|
first differences |
-0.83 |
-0.83 |
|
|
-4.89 |
-7.92 |
see Table 1 for variables' names
bold = significant at 5% or more
Source: calculations n ESCB and IMF data