Table 4 Augmented Dickey–Fuller unit... | Emerald Publishing

Table 4

Augmented Dickey–Fuller unit root test

	At level			At first difference
Variables	With constant	With constant and trend	Without constant and trend	With constant	With constant and trend	Without constant and trend	Status
GDPVOL	14.223	11.955	15.144	−8.486***	−9.806***	−7.908***	I(1)
INFVOL	−1.559	−1.123	−1.696	−10.761***	−10.717***	−10.810***	I(1)
DCP	−1.333	−1.766	−0.093	−5.215***	−5.212***	−5.229***	I(1)
MRK	−1.315	−2.843	−0.078	−5.482***	−5.460***	−5.513***	I(1)
OILS	−8.598***	−8.578***	−8.626***				I(0)
EXC	0.403	−2.210	2.113	−10.667***	−10.715***	−10.271***	I(1)
RES	−1.156	−2.158	−0.174	−8.175***	−8.146***	−8.160***	I(1)

	At level			At first difference
Variables	With constant	With constant and trend	Without constant and trend	With constant	With constant and trend	Without constant and trend	Status
GDPVOL	14.223	11.955	15.144	−8.486***	−9.806***	−7.908***	I(1)
INFVOL	−1.559	−1.123	−1.696	−10.761***	−10.717***	−10.810***	I(1)
DCP	−1.333	−1.766	−0.093	−5.215***	−5.212***	−5.229***	I(1)
MRK	−1.315	−2.843	−0.078	−5.482***	−5.460***	−5.513***	I(1)
OILS	−8.598***	−8.578***	−8.626***				I(0)
EXC	0.403	−2.210	2.113	−10.667***	−10.715***	−10.271***	I(1)
RES	−1.156	−2.158	−0.174	−8.175***	−8.146***	−8.160***	I(1)

Note(s): ***, **, * represent 1%, 5 and 10% respectively

Source(s): Authors' own work