| |
|
ADF |
|
|
|
ADF |
|
|
UYWHIM |
level |
-0.79 |
-3.65 |
UYPMPF |
level |
-1.04 |
-3.53 |
| |
first differences |
|
|
|
first differences |
-3.15 |
-6.35 |
|
UYWHPR |
level |
-0.17 |
-1.93 |
UYSHPR |
level |
-0.33 |
-2.00 |
| |
first differences |
-1.05 |
-4.08 |
|
first differences |
-1.49 |
-5.09 |
|
UYWHPF |
level |
-0.20 |
-1.77 |
UYSHPF |
level |
-0.46 |
-2.54 |
| |
first differences |
-1.09 |
-4.07 |
|
first differences |
-1.32 |
-4.15 |
|
UYRIEX |
level |
-0.28 |
-2.32 |
UYSYIM |
level |
-1.10 |
-5.78 |
| |
first differences |
-1.10 |
-5.04 |
|
first differences |
|
|
|
UYRIPR |
level |
-0.69 |
-2.79 |
UYSYPF |
level |
-0.98 |
-4.53 |
| |
first differences |
-1.42 |
-4.21 |
|
first differences |
|
|
|
UYRIPF |
level |
-0.34 |
-2.01 |
UYSFPR |
level |
-0.41 |
-2.44 |
| |
first differences |
-1.13 |
|
|
first differences |
-1.59 |
-6.11 |
|
UYMZIM |
level |
-0.74 |
-3.21 |
UYBMEX |
level |
-0.48 |
-2.63 |
| |
first differences |
-2.26 |
-7.52 |
|
first differences |
-1.21 |
-4.44 |
|
UYMZPF |
level |
-0.25 |
-1.79 |
UYBMPF |
level |
-0.92 |
-3.26 |
| |
first differences |
-1.03 |
-3.57 |
|
first differences |
-3.12 |
-6.13 |
|
UYPMEX |
level |
-1.39 |
-5.07 |
UYMZPR |
level |
|
|
| |
first differences |
|
|
|
first differences |
|
|
see Table 1 for variables' names
Bold = significantly different from zero at 5% or less
source: own calculation on ESCB price data
