The relative effectiveness of fiscal and monetary policies in promoting Egypt’s output growth: an empirical investigation using an ARDL approach

Journal of Economic Structures

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

Table 3 DF, ADF and PP unit root tests

Null hypothesis: the variable has a unit root							Integration order
Trend specification: trend and intercept for levels and first difference
Variables	Dickey-fuller (DF)		Augmented dickey-fuller (ADF)		Phillips-perron (PP)
	Level	First difference	Level	First difference	Level	First difference
	t-stat	t-stat	t-stat	t-stat	t-stat	t-stat
Specification 1
ngdp_g	− 2.022	− 9.031 ***	− 4.942***	–	− 5.224***	–	I(1); I(0); I(0)
ngov_cons_g	− 7.449***	–	− 7.363***	–	− 7.398***	–	I(0); I(0); I(0)
bm_g	− 3.237**	− 9.429 ***	− 3.236*	− 9.723***	− 3.254*	− 9.780***	I(1); I(1); I(1)
nexport_g	− 5.985***	–	− 6.105***	–	− 6.076***		I(0); I(0); I(0)
Specification 2
ln_rgdp	− 1.766	− 4.696***	− 1.728	− 4.658***	− 1.287	− 4.667***	I(1); I(1); I(1)
ln_rgov_cons	− 0.968	− 10.162***	− 2.906	− 10.214***	− 3.275	− 10.576***	I(1); I(1); I(1)
ln_rbm	− 1.485	− 4.573***	− 1.473	− 4.507***	− 1.414	− 4.476***	I(1); I(1); I(1)
ln_rexport	− 2.443	− 6.973***	− 2.805	− 7.124***	− 2.932	− 7.121***	I(1); I(1); I(1)

(*), (**), and (***) denote the rejection of the Null Hypothesis, of having a unit root, at 10%, 5%, and 1%, levels of significance, respectively
Order of integration is specified for each variable according to the results of the three stationarity tests at 1% level of significance