Chart: Data series have common unit roots in levels but are stationary in first differences: Augmented Dickey-Fuller test results for data series examined in Table 2

Data series have common unit roots in levels but are stationary in first differences: Augmented Dickey-Fuller test results for data series examined in Table 2

Variable	Intercept plus trend
	Levels	Differences
Output to private capital stock ratio	−2.282	−7.814***
	(0.3397)	(0.00)
Private capital stock	−0.652	−3.984***
	(0.9761)	(-0.01)
Labor force	−2.521	−6.542***
	(0.3177)	(0.00)
Public capital stock	−1.434	−3.367**
	(0.8506)	(0.05)

Notes: T-statistics are reported, with p-values in parentheses. Three asterisks denote significance at the 1 percent level, and two asterisks denote significance at the 5 percent level.

Source: Author’s analysis of the data series described in the technical appendix

View the underlying data on epi.org.