| |
|
ADF |
|
|
GHMZIM |
level |
-0.93 |
-3.72 |
|
GHMZPF |
level |
-0.11 |
-1.11 |
| |
first differences |
-1.04 |
-3.71 |
|
GHMZWS |
level |
-0.16 |
-1.75 |
| |
first differences |
-1.07 |
-4.66 |
|
GHSHPF |
level |
-0.10 |
-1.08 |
| |
first differences |
-0.78 |
-3.23 |
|
GHSHWS |
level |
-0.15 |
-1.88 |
| |
first differences |
-0.99 |
-4.52 |
|
GHRIIM |
level |
-0.47 |
-2.95 |
| |
first differences |
-1.49 |
-5.86 |
|
GHRIPF |
level |
-0.15 |
-1.56 |
| |
first differences |
-0.90 |
-3.55 |
|
GHRI1WS |
level |
-0.14 |
-2.03 |
| |
first differences |
-0.78 |
-4.11 |
|
GHCSPF |
level |
-0.12 |
-1.61 |
| |
first differences |
-0.83 |
-3.84 |
|
GHCSWS |
level |
-0.17 |
-1.87 |
| |
first differences |
-1.10 |
-4.63 |
see Table 1 for variables' names
Bold = significantly different from zero at 5% or less
source: own calculation on ESCB price data
