Table 3.

The results of panel unit root tests

Variable	Statistic of Breitung test (constant & trend) (no lag) data in level	Statistic of Breitung test (constant & trend) (one lag) data in level	Adjusted statistic of Levin-Lin-Chu data in the first difference
COVID-19 index	-3.7224*	-1.8386*	-
Unemployment rate	0.7925	-1.0803	-3.8681*
Employment expectations indicator	-1.3400**	-0.6620	-3.6692 *
HICP (2015=100)	4.9130	2.1387	-1.6203**
Economic sentiment indicator	0.3942	0.2023	4.1470*

Source: own computations in Stata 16. Note: * significant at 5% level of significance; ** significant at 10% level of significance