| |
|
ADF |
|
|
|
ADF |
|
|
UGWHIM |
level |
-0.44 |
-2.41 |
UGBMPR |
level |
-0.91 |
-4.31 |
| |
first differences |
-1.59 |
-5.29 |
|
first differences |
|
|
|
UGWHPR |
level |
-0.59 |
-3.60 |
UGBMWS |
level |
-0.83 |
-4.40 |
| |
first differences |
|
|
|
first differences |
|
|
|
UGWHPF |
level |
-0.37 |
-1.98 |
UGBMRT |
level |
-0.81 |
-4.34 |
| |
first differences |
-1.84 |
-6.14 |
|
first differences |
|
|
|
UGWHWS |
level |
-0.61 |
-3.72 |
UGPMWS |
level |
-0.92 |
-5.50 |
| |
first differences |
|
|
|
first differences |
|
|
|
UGWHRT |
level |
-0.63 |
-3.69 |
UGPMPR |
level |
-0.98 |
-5.33 |
| |
first differences |
|
|
|
first differences |
|
|
|
UGRIPR |
level |
-0.36 |
-2.52 |
UGPMRT |
level |
-0.83 |
-5.15 |
| |
first differences |
-1.05 |
-3.85 |
|
first differences |
|
|
|
UGRIPF |
level |
-0.41 |
-2.49 |
UGPLPR |
level |
-0.87 |
-5.13 |
| |
first differences |
-1.68 |
-5.19 |
|
first differences |
|
|
|
UGRIWS |
level |
-0.42 |
-2.75 |
UGPLWS |
level |
-0.82 |
-4.93 |
| |
first differences |
-1.13 |
-4.21 |
|
first differences |
|
|
|
UGRIRT |
level |
-0.47 |
-2.87 |
UGPLRT |
level |
-0.81 |
-5.31 |
| |
first differences |
-1.23 |
-4.50 |
|
first differences |
|
|
|
UGMZIM |
level |
-0.69 |
-3.87 |
UGMPIM |
level |
-0.69 |
-3.05 |
| |
first differences |
|
|
|
first differences |
-2.02 |
-6.00 |
|
UGMZPR |
level |
-0.55 |
-2.74 |
UGSYPR |
level |
-0.62 |
-3.48 |
| |
first differences |
-1.51 |
-4.41 |
|
first differences |
|
|
|
UGMZPF |
level |
-0.50 |
-2.48 |
UGSYPF |
level |
-0.39 |
-2.12 |
| |
first differences |
-1.62 |
-4.85 |
|
first differences |
-1.76 |
-5.59 |
|
UGMZWS |
level |
-0.63 |
-3.15 |
UGSYWS |
level |
-0.58 |
-3.43 |
| |
first differences |
-1.51 |
-4.60 |
|
first differences |
|
|
|
UGMZRT |
level |
-0.60 |
-3.15 |
UGSYRT |
level |
-0.48 |
-3.39 |
| |
first differences |
-1.45 |
-4.55 |
|
first differences |
|
|
|
UGSHRT |
level |
-0.62 |
-3.38 |
UGCSPR |
level |
-0.33 |
-2.15 |
| |
first differences |
-1.42 |
-5.00 |
|
first differences |
-1.14 |
-3.78 |
|
UGSHWS |
level |
-0.63 |
-3.51 |
UGCSPF |
level |
-0.40 |
-2.34 |
| |
first differences |
-1.41 |
-5.27 |
|
first differences |
-1.27 |
-4.13 |
|
UGSHPR |
level |
-0.63 |
-3.28 |
UGCSWS |
level |
-0.32 |
-2.11 |
| |
first differences |
-1.46 |
-5.04 |
|
first differences |
-1.16 |
-3.87 |
|
UGSHPF |
level |
-0.36 |
-2.07 |
UGCSRT |
level |
-0.33 |
-2.10 |
| |
first differences |
-1.70 |
-5.24 |
|
first differences |
-1.21 |
-3.96 |
|
UGBMIM |
level |
-0.42 |
-2.77 |
|
|
|
|
| |
first differences |
-1.45 |
-6.19 |
|
|
|
|
see Table 1 for variables' names
Bold = significantly different from zero at 5 percent or less
source: own calculation on ESCB price data
