Table 1.

ADF test results of the variables.

Variable	Student's t-test	Critical value at 1% significance	Critical value at 5% significance	Critical value at 10% significance	P-value	Conclusion
EPU	−3.203	−3.552	−2.914	−2.592	0.0198	Non-stationary
D(EPU)	−13.789	−3.562	−2.920	−2.595	0.0000	Stationary
QCPI	−1.827	−3.553	−2.915	−2.592	0.3671	Non-stationary
D(QCPI)	−5.370	−3.563	−2.920	−2.595	0.0000	Stationary
Y	−9.927	−3.553	−2.915	−2.592	0.0000	Stationary
M2	−1.449	−3.552	−2.914	−2.592	0.5585	Non-stationary
D(M2)	−8.392	−3.562	−2.920	−2.595	0.0000	Stationary
R	−2.404	−3.552	−2.914	−2.592	0.1406	Non-stationary
D(R)	−6.202	−3.562	−2.920	−2.595	0.0000	Stationary