Non-linear impact of exchange rate changes on U.S. industrial production

Journal of Economic Structures

The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)

Table 1 Augmented Dickey Fuller test results

Variables	Level	First difference
IPI for non-energy materials	− 2.3708	− 4.8***
IPI for non-durable manufacturing	− 1.7651	− 7.9***
IPI for mining	− 0.6497	− 14***
IPI for energy materials	− 2.3708	− 4.8***
IPI for electricity	− 2.1137	− 16.9***
IPI for durable manufacturing	− 2.3841	− 5.0***
IPI for consumer goods	− 2.5215	− 20.6***
IPI for business equipment	− 2.7097*	− 6.01***
Nominal effective exchange rate index	− 1.973332	− 10.9***
Consumer price index	− 1.44903	− 10.0***
Gross fixed capital formation	− 1.3301	− 3.0***
Money supply (M2)	1.033065	− 12.08***
Labour	− 2.5828	− 19.5***

Significant estimates at the 10%, 5% and 1% level are represented by *, **, *** respectively