ADF Tests in Differences - Control Variables
Industrial Production
Geopolitical Risk
One Year Interest
Ten Year Interest
Real Effective Exchange Rate
Kilian Index
Model 1
Model 2
Model 3
Model 1
Model 2
Model 3
Model 1
Model 2
Model 3
Model 1
Model 2
Model 3
Model 1
Model 2
Model 3
Model 1
Model 2
Model 3
Lags ADF Stat p-Value ADF Stat p-Value ADF Stat p-Value ADF Stat p-Value ADF Stat p-Value ADF Stat p-Value ADF Stat p-Value ADF Stat p-Value ADF Stat p-Value ADF Stat p-Value ADF Stat p-Value ADF Stat p-Value ADF Stat p-Value ADF Stat p-Value ADF Stat p-Value ADF Stat p-Value ADF Stat p-Value ADF Stat p-Value
1 -15.052375 0.01 -15.152901 0.01 -15.215700 0.01 -18.623546 0.01 -18.596605 0.01 -18.570054 0.01 -23.362160 0.01 -23.329394 0.01 -23.301565 0.01 -18.819439 0.01 -18.792530 0.01 -18.795486 0.01 -12.537952 0.01 -12.540643 0.01 -12.534671 0.01 -14.918265 0.01 -14.895341 0.01 -14.871216 0.01
2 -13.609141 0.01 -13.753590 0.01 -13.844704 0.01 -17.121958 0.01 -17.097261 0.01 -17.072362 0.01 -16.075480 0.01 -16.053390 0.01 -16.034800 0.01 -14.782411 0.01 -14.765373 0.01 -14.796891 0.01 -12.205359 0.01 -12.214398 0.01 -12.214872 0.01 -12.726812 0.01 -12.707219 0.01 -12.686876 0.01
3 -10.807192 0.01 -10.965247 0.01 -11.067969 0.01 -13.839757 0.01 -13.819640 0.01 -13.799546 0.01 -12.240211 0.01 -12.222997 0.01 -12.212389 0.01 -11.094644 0.01 -11.090836 0.01 -11.164021 0.01 -10.601697 0.01 -10.618310 0.01 -10.622950 0.01 -10.249162 0.01 -10.233833 0.01 -10.216323 0.01
4 -8.826824 0.01 -8.984837 0.01 -9.089957 0.01 -13.017499 0.01 -12.998460 0.01 -12.979583 0.01 -10.636955 0.01 -10.621615 0.01 -10.614885 0.01 -9.508675 0.01 -9.508950 0.01 -9.603190 0.01 -8.509672 0.01 -8.531431 0.01 -8.531217 0.01 -11.005515 0.01 -10.989222 0.01 -10.969829 0.01
5 -7.616754 0.01 -7.773143 0.01 -7.877537 0.01 -11.790362 0.01 -11.772829 0.01 -11.756431 0.01 -9.116668 0.01 -9.103189 0.01 -9.098272 0.01 -9.062789 0.01 -9.066099 0.01 -9.182154 0.01 -7.376830 0.01 -7.399838 0.01 -7.398442 0.01 -9.583568 0.01 -9.569132 0.01 -9.555513 0.01
6 -6.360607 0.01 -6.505877 0.01 -6.608727 0.01 -10.766471 0.01 -10.750603 0.01 -10.734932 0.01 -10.041702 0.01 -10.026189 0.01 -10.016842 0.01 -8.011889 0.01 -8.020848 0.01 -8.161138 0.01 -7.086340 0.01 -7.120559 0.01 -7.111522 0.01 -9.121023 0.01 -9.107323 0.01 -9.093659 0.01
7 -6.054870 0.01 -6.204282 0.01 -6.308179 0.01 -9.670647 0.01 -9.656264 0.01 -9.642406 0.01 -9.302670 0.01 -9.288166 0.01 -9.279092 0.01 -7.254910 0.01 -7.262204 0.01 -7.398750 0.01 -7.086819 0.01 -7.126151 0.01 -7.122587 0.01 -8.765511 0.01 -8.752367 0.01 -8.739016 0.01
8 -5.982325 0.01 -6.149803 0.01 -6.268173 0.01 -9.310435 0.01 -9.296617 0.01 -9.283182 0.01 -8.936795 0.01 -8.922638 0.01 -8.913225 0.01 -6.768021 0.01 -6.780151 0.01 -6.938010 0.01 -6.636090 0.01 -6.686706 0.01 -6.674240 0.01 -9.379392 0.01 -9.365335 0.01 -9.350665 0.01
9 -5.340126 0.01 -5.494348 0.01 -5.601939 0.01 -9.034016 0.01 -9.020649 0.01 -9.007652 0.01 -7.764210 0.01 -7.750665 0.01 -7.737633 0.01 -6.243104 0.01 -6.265739 0.01 -6.463268 0.01 -6.330163 0.01 -6.387626 0.01 -6.374930 0.01 -7.192066 0.01 -7.181539 0.01 -7.168958 0.01
10 -4.518834 0.01 -4.647107 0.01 -4.737195 0.01 -9.358011 0.01 -9.344553 0.01 -9.330701 0.01 -7.784664 0.01 -7.771377 0.01 -7.753109 0.01 -5.848636 0.01 -5.880096 0.01 -6.113681 0.01 -5.434263 0.01 -5.488903 0.01 -5.480089 0.01 -6.848530 0.01 -6.838320 0.01 -6.826944 0.01
11 -4.891185 0.01 -5.039179 0.01 -5.137613 0.01 -8.508235 0.01 -8.495705 0.01 -8.483882 0.01 -8.519280 0.01 -8.507739 0.01 -8.483791 0.01 -5.361101 0.01 -5.396516 0.01 -5.654701 0.01 -5.075131 0.01 -5.118240 0.01 -5.126370 0.01 -5.819414 0.01 -5.810809 0.01 -5.800251 0.01
12 -4.405947 0.01 -4.546199 0.01 -4.643088 0.01 -7.932078 0.01 -7.921352 0.01 -7.905966 0.01 -6.064651 0.01 -6.051248 0.01 -6.020886 0.01 -4.994188 0.01 -5.034624 0.01 -5.319581 0.01 -5.078964 0.01 -5.115609 0.01 -5.135553 0.01 -5.333502 0.01 -5.325487 0.01 -5.316385 0.01
Model 1: No drift or trend
Model 2: With drift, no trend
Model 3: With drift and trend