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Table 3 ADF and PP stationary tests

From: Can news-based economic sentiment predict bubbles in precious metal markets?

 

ADF test

PP test

Including intercept

Including intercept and trend

Including intercept

Including intercept and trend

NESI

 − 5.6730***

 − 5.7730***

 − 5.5821***

 − 5.7052***

(0.0050)

(0.0000)

(0.0000)

(0.0000)

MCSI

 − 3.4673***

 − 3.5441**

 − 3.1910**

 − 3.2927*

(0.0093)

(0.0361)

(0.0212)

(0.0688)

SIBW

 − 3.4034**

 − 4.7582***

 − 3.2307**

 − 3.4661**

(0.0141)

(0.0006)

(0.0190)

(0.0445)

Inflation

 − 16.6796***

 − 16.6604***

 − 22.9012***

 − 22.8348***

(0.0000)

(0.0000)

(0.0000)

(0.0000)

USDI

 − 4.8289***

 − 4.2260***

 − 4.0976***

 − 3.3947*

(0.0001)

(0.0044)

(0.0011)

(0.0534)

EFR

 − 2.8337**

 − 3.5288**

 − 2.9820*

 − 3.7906**

(0.0463)

(0.0376)

(0.0893)

(0.0334)

T-Spread

− 2.8572**

− 3.5756**

− 2.9329*

− 3.0242*

(0.0465)

(0.0291)

(0.0933)

(0.0801)

GEA

− 4.0436***

− 4.0410***

− 3.4120**

− 3.4094*

(0.0013)

(0.0082)

(0.0111)

(0.0514)

  1. Table reports the Augmented Dickey-Fuller (ADF) and Phillips–Perron (PP) tests for stationarity. p values are given in brackets. *, **, and *** indicate significance at 10%, 5%, and 1% levels, respectively