Table 1. Summary statistics and...

Table 1.

Summary statistics and traditional unit root analysis results

Variables	Mean	Median	Maximum	Minimum	SD	Skewness	Kurtosis	Jarque-Bera	ADF test	PP test
byie_t	4.54	4.63	5.22	3.70	0.39	−0.27	1.94	16.15 (0.00)	−1.85 [3]	−1.64 [2]
Δbyie_t	−0.004	−0.007	0.19	−0.37	0.06	−0.58	7.54	247.02 (0.00)	−8.54 [2]	−13.05 [3]
gepu_t	4.67	4.64	5.74	3.93	0.4	0.42	2.58	10 (0.01)	−2.16 [3]	−3.05 [9]
Δgepu_t	0.004	−0.003	0.76	−0.55	0.18	0.57	4.83	52.785 (0.00)	−8.18 [7]	−24.73 [29]
opri_t	4.23	4.33	5.26	2.78	0.59	−0.46	2.26	15.66 (0.00)	−1.87 [1]	−1.64 [2]
Δopri_t	0.003	0.016	0.21	−0.33	0.08	−0.70	4.22	39.18 (0.00)	−12.5 0	−12.4 [5]

Variables	Mean	Median	Maximum	Minimum	SD	Skewness	Kurtosis	Jarque-Bera	ADF test	PP test
byie_t	4.54	4.63	5.22	3.70	0.39	−0.27	1.94	16.15 (0.00)	−1.85 [3]	−1.64 [2]
Δbyie_t	−0.004	−0.007	0.19	−0.37	0.06	−0.58	7.54	247.02 (0.00)	−8.54 [2]	−13.05 [3]
gepu_t	4.67	4.64	5.74	3.93	0.4	0.42	2.58	10 (0.01)	−2.16 [3]	−3.05 [9]
Δgepu_t	0.004	−0.003	0.76	−0.55	0.18	0.57	4.83	52.785 (0.00)	−8.18 [7]	−24.73 [29]
opri_t	4.23	4.33	5.26	2.78	0.59	−0.46	2.26	15.66 (0.00)	−1.87 [1]	−1.64 [2]
Δopri_t	0.003	0.016	0.21	−0.33	0.08	−0.70	4.22	39.18 (0.00)	−12.5 0	−12.4 [5]

Notes:

The number of lags in the augmented Dickey–Fuller (ADF) test (in brackets) is imposed by the Akaike information criterion (AIC), while the bandwidth for the Philips–Perron (PP) test is suggested automatically by the Newey–West bandwidth (in brackets), using the Bartlett kernel spectral estimation method. The 1%, 5% and 10% critical values for the ADF and PP tests with an intercept term are −3.47, −2.88 and −2.58, respectively. p-values of the Jarque-Bera are in parentheses

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