Results of the ADF unit root test
| Variables | Level | First difference | |||
|---|---|---|---|---|---|
| Intercept | Trend and intercept | Intercept | Trend and intercept | Result | |
| Oil price | −2.599017 (0.0953) | −2.958509 (0.1474) | −8.266023 (0.0000) | −8.263741 (0.0000) | I(1) |
| BSE_Energy | −1.333955 (0.6131) | −2.211946 (0.4794) | −13.05550 (0.0000) | −13.01594 (0.0000) | I(1) |
| Variables | Level | First difference | |||
|---|---|---|---|---|---|
| Intercept | Trend and intercept | Intercept | Trend and intercept | Result | |
| −2.599017 (0.0953) | −2.958509 (0.1474) | −8.266023 (0.0000) | −8.263741 (0.0000) | ||
| −1.333955 (0.6131) | −2.211946 (0.4794) | −13.05550 (0.0000) | −13.01594 (0.0000) | ||
Notes:
I(1): Stationary after first difference; () MacKinnon (1996) one-sided p-values
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