Variables | Augmented Dickey–Fuller (ADF) | Phillips–Perron (PP) | ||
---|---|---|---|---|
Constant without trend | Constant with trend | Constant without trend | Constant with trend | |
Level | ||||
ln htour | −2.049449 | −2.764120 | −1.974959 | −2.718319 |
ln hgdp | −1.107769 | −2.711389 | −1.125967 | −2.697990 |
ln rer | −2.024238 | −2.470090 | −2.159688 | −2.571869 |
First difference | ||||
∆ ln htour | −8.048863a | −7.948662a | −10.29624a | −13.54837a |
∆ ln hgdp | −7.367436a | −7.518019a | −7.326674a | −7.469352a |
∆ ln rer | −6.565184a | −6.649881a | −6.564661a | −6.654715a |