Table VIII. Carrion-i-Silvestre et al ....

Table VIII.

Carrion-i-Silvestre et al. Panel stationarity tests results

Urban area	Individual KPSS test	m_i	$T_{b, 1}^{i}$	$T_{b, 2}^{i}$	$T_{b, 3}^{i}$	Finite sample KPSS critical values
Urban area	Individual KPSS test	m_i	$T_{b, 1}^{i}$	$T_{b, 2}^{i}$	$T_{b, 3}^{i}$	10%	5%
Panel A: Individual panel member information
Atlanta – Georgia	0.081	1	1994+			0.195	0.252
Boston – Brockton	0.044	2	1974+	1992+		0.108	0.129
Chicago	0.043	3	1973+	1983+	1993+	0.073	0.084
Cincinnati – Hamilton	0.076	1	1994+			0.197	0.253
Dallas – Ft. Worth	0.114	1	1992+			0.181	0.230
Detroit – Ann Arbor	0.098	1	1992+			0.175	0.222
Houston – Galveston	0.043	3	1974+	1983+	1992+	0.075	0.087
Kansas City – Missouri	0.060	3	1983+	1993+	1999+	0.073	0.084
Los Angeles – Riverside	0.069	3	1973+	1982+	1993+	0.073	0.085
Milwaukee – Racine	0.057	3	1973+	1981+	1995+	0.076	0.089
New York – N. New Jersey	0.127*	2	1973+	1992+		0.114	0.136
Philadelphia – Wilmington	0.091	1	1993+			0.185	0.235
Pittsburgh – Pennsylvania	0.064	3	1972+	1982+	1992+	0.076	0.090
Portland – Salem	0.134	2	1973+	1982+		0.143	0.183
St. Louis – Missouri	0.129	2	1973+	1983+		0.133	0.170
San Francisco – Oakland	0.121**	3	1973+	1982+	1993+	0.074	0.086
Seattle – Tacoma	0.058	3	1973+	1982+	1992+	0.075	0.088

Urban area	Individual KPSS test	m_i	$T_{b, 1}^{i}$	$T_{b, 2}^{i}$	$T_{b, 3}^{i}$	Finite sample KPSS critical values
Urban area	Individual KPSS test	m_i	$T_{b, 1}^{i}$	$T_{b, 2}^{i}$	$T_{b, 3}^{i}$	10%	5%
Panel A: Individual panel member information
Atlanta – Georgia	0.081	1	1994+			0.195	0.252
Boston – Brockton	0.044	2	1974+	1992+		0.108	0.129
Chicago	0.043	3	1973+	1983+	1993+	0.073	0.084
Cincinnati – Hamilton	0.076	1	1994+			0.197	0.253
Dallas – Ft. Worth	0.114	1	1992+			0.181	0.230
Detroit – Ann Arbor	0.098	1	1992+			0.175	0.222
Houston – Galveston	0.043	3	1974+	1983+	1992+	0.075	0.087
Kansas City – Missouri	0.060	3	1983+	1993+	1999+	0.073	0.084
Los Angeles – Riverside	0.069	3	1973+	1982+	1993+	0.073	0.085
Milwaukee – Racine	0.057	3	1973+	1981+	1995+	0.076	0.089
New York – N. New Jersey	0.127*	2	1973+	1992+		0.114	0.136
Philadelphia – Wilmington	0.091	1	1993+			0.185	0.235
Pittsburgh – Pennsylvania	0.064	3	1972+	1982+	1992+	0.076	0.090
Portland – Salem	0.134	2	1973+	1982+		0.143	0.183
St. Louis – Missouri	0.129	2	1973+	1983+		0.133	0.170
San Francisco – Oakland	0.121**	3	1973+	1982+	1993+	0.074	0.086
Seattle – Tacoma	0.058	3	1973+	1982+	1992+	0.075	0.088

Panel B: Panel test statistics
Z(λ̂)	Homogeneous variance	2.093 (0.018)
Z(λ̂)	Heterogeneous variance	1.716 (0.043)

Panel C: Bootstrap distribution (allowing for cross-section dependence)
Critical values	90%	95%	97.5%	99%
Homogeneous	0.318	0.650	0.949	1.301
Heterogeneous	0.220	0.500	0.753	1.050

Notes:

* and **see, Kwiatkowski et al. (1992) significant at the 10% and 5% levels, respectively; The sign

denotes an upward shift in the mean. p-values reported within parentheses.

Panel B: Panel test statistics
Z(λ̂)	Homogeneous variance	2.093 (0.018)
Z(λ̂)	Heterogeneous variance	1.716 (0.043)

Panel C: Bootstrap distribution (allowing for cross-section dependence)
Critical values	90%	95%	97.5%	99%
Homogeneous	0.318	0.650	0.949	1.301
Heterogeneous	0.220	0.500	0.753	1.050

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