Table IX ADF tests for l n P t p and l n...

Table IX

ADF tests for $l n P_{t}^{p}$ and $l n P_{t}^{m}$

Variable	ADF test statistic	(c, t, k)	5% level	Conclusion
$l n P_{t}^{p}$	−2.552	(c, 0, 1)	−2.913	Non-stationary
$d . l n P_{t}^{p}$	−4.936	(c, 0, 1)	−2.914	Stationary
$l n P_{t}^{m}$	−2.859	(c, 0, 1)	−2.913	Non-stationary
$d . l n P_{t}^{m}$	−5.825	(c, 0, 1)	−2.914	Stationary

Variable	ADF test statistic	(c, t, k)	5% level	Conclusion
$l n P_{t}^{p}$	−2.552	(c, 0, 1)	−2.913	Non-stationary
$d . l n P_{t}^{p}$	−4.936	(c, 0, 1)	−2.914	Stationary
$l n P_{t}^{m}$	−2.859	(c, 0, 1)	−2.913	Non-stationary
$d . l n P_{t}^{m}$	−5.825	(c, 0, 1)	−2.914	Stationary

Notes: $l n P_{t}^{p}$ and $l n P_{t}^{m}$ denote the logarithmic series of pig price and pork price, respectively. c is constant, t represents trend and k is lag length. The sample period covers from June 2009 to June 2015

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