Official websites use .gov
A
.gov website belongs to an official
government organization in the United States.
Secure .gov websites use HTTPS
A lock (
) or https:// means you've safely
connected to the .gov website. Share sensitive
information only on official, secure websites.
| Variable | At Level | At First Difference | ||
|---|---|---|---|---|
| Without trend | With trend | Without trend | With trend | |
| D | -6.969*** | -6.883*** | -- | -- |
| PB | -2.646 | -2.614 | -9.080*** | -9.266*** |
| NICAB | -3.44** | -3.383* | -- | -- |
| GAP | -3.696*** | -3.601** | -- | -- |
| μ | -6.168*** | -6.342*** | -- | -- |
| R | -6.614*** | -6.747*** | -- | -- |
| G | -5.07*** | -5.553*** | -- | -- |
| ER | -6.004*** | -5.934*** | -- | -- |
***, **, *denote statistical significance at the 1%, 5% and 10% level
