Table 1 Unit root tests ADF PP ZA t stat...

Table 1

Unit root tests

		ADF	PP	ZA
		t stat	t stat	t stat	TB
$P_{t}$	Constant only	−0.71	−0.71	−3.57	2019M05
	Constant plus trend	−1.59	−1.63	−4.24	2018M05
$Δ P_{t}$	Constant only	−7.63***	−7.64***
	Constant plus trend	−7.60***	−7.60***
$C P I_{t}$	Constant only	−1.71	−1.73	−2.60	2017M09
	Constant plus trend	−1.52	−1.51	−6.67***	2017M12
$Δ C P I_{t}$	Constant only	−6.90***	−6.89***
	Constant plus trend	−6.98***	−6.98***

		ADF	PP	ZA
		t stat	t stat	t stat	TB
$P_{t}$	Constant only	−0.71	−0.71	−3.57	2019M05
	Constant plus trend	−1.59	−1.63	−4.24	2018M05
$Δ P_{t}$	Constant only	−7.63***	−7.64***
	Constant plus trend	−7.60***	−7.60***
$C P I_{t}$	Constant only	−1.71	−1.73	−2.60	2017M09
	Constant plus trend	−1.52	−1.51	−6.67***	2017M12
$Δ C P I_{t}$	Constant only	−6.90***	−6.89***
	Constant plus trend	−6.98***	−6.98***

Note(s): ADF = augmented Dickey–Fuller (1981) test; PP = Phillips–Perron (1988) test; ZA = Zivot–Andrews (1992) unit root test, allowing for one break; the lag lengths for the ADF and ZA tests are based on the Schwarz information criterion (SIC). *** denotes significance at the 1% level

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