c.
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Null Hypothesis: MANUF has a unit root | | Exogenous: Constant | | | Lag Length: 0 (Automatic - based on SIC, maxlag=21) | | | | | | | | | | | | | | t-Statistic | Prob.* | | | | | | | | | | | Augmented Dickey-Fuller test statistic | -29.65726 | 0.0000 | Test critical values: | 1% level | | -3.436548 | | | 5% level | | -2.864165 | | | 10% level | | -2.568220 | | | | | | | | | | | | *MacKinnon (1996) one-sided p-values. | | | | | | | | | | | | Augmented Dickey-Fuller Test Equation | | Dependent Variable: D(MANUF) | | | Method: Least Squares | | | Date: 10/23/12 Time: 18:47 | | | Sample (adjusted): 1927M02 2011M12 | | Included observations: 1019 after adjustments | | | | | | | | | | | | Variable | Coefficient | Std. Error | t-Statistic | Prob. | | | | | | | | | | | MANUF(-1) | -0.927533 | 0.031275 | -29.65726 | 0.0000 | C | 0.904355 | 0.177780 | 5.086927 | 0.0000 | | | | | | | | | | | R-squared | 0.463764 | Mean dependent var | -0.000177 | Adjusted R-squared | 0.463237 | S.D. dependent var | 7.631188 | S.E. of regression | 5.590923 | Akaike info criterion | 6.282127 | Sum squared resid | 31789.82 | Schwarz criterion | 6.291796 | Log likelihood | -3198.744 | Hannan-Quinn criter. | 6.285798 | F-statistic | 879.5531 | Durbin-Watson stat | 1.996574 | Prob(F-statistic) | 0.000000 | | | | | | | | | | | | | |
Null Hypothesis: MANUF is stationary | | Exogenous: Constant | | | Bandwidth: 3 (Newey-West automatic) using Bartlett kernel | | | | | | | | | | | | | | | LM-Stat. | | | | | | | | | | | Kwiatkowski-Phillips-Schmidt-Shin test statistic | 0.027145 | Asymptotic critical values*: | 1% level | | 0.739000 | | | 5% level | | 0.463000 | | | 10% level | | 0.347000 | | |