Table 1.

ADF unit-root test with structural break (additive and innovative outliers).

	Variable	ADF test statistic	Critical value at 1% level	Critical value at 5% level	Probability
Level	GDP	−5.451	−4.949	−4.443	<0.01*
	Unemployment	−3.555	−4.949	−4.443	0.356
	Inflation	−5.018	−4.949	−4.443	<0.01*
	Real Rates	−3.879	−4.949	−4.443	0.201
1st difference	GDP	−7.988	−4.949	−4.443	<0.01*
	Unemployment	−4.496	−4.949	−4.443	0.043**
	Inflation	−17.265	−4.949	−4.443	<0.01*
	Real Rates	−15.517	−4.949	−4.443	0.001*

^**5% level of significance.

^*1% level of significance using Vogelsang (1993) asymptotic one-sided p-values.