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The results of CD Pesaran's test
| Variables | Statistics | p-values |
|---|---|---|
| COVID-19 index | 16.76 | <0.05 |
| Unemployment rate | 13.02 | <0.05 |
| Employment expectations indicator | 25.28 | <0.05 |
| HICP | 22.99 | <0.05 |
| Economic sentiment indicator | 30.52 | <0.05 |
Source: own calculations in Stata 15
