A Study of the Effect of Inflation and Exchange Rate on Stock Market Returns in Ghana

Table 2

Augmented Dickey-Fuller unit root test for the monthly rates of inflation and exchange rate (dollar rate) after first difference.

Variable	Model type	Test statistic	Critical value	value
Inflation rate	Constant	−5.196	−2.880	0.001
	Constant + trend	−5.281	−3.439	0.001
	None	−5.096	−1.943	0.001
Exchange rate (dollar rate)	Constant	−5.508	−2.879	0.001
	Constant + trend	−5.58	−3.437	0.001
	None	−4.526	−1.943	0.001