In Search of Leading Indicator Property of Yield Spread for India: An Approach Based on Quantile and Wavelet Regression

Table 1

Unit root test.

Variable	ADF test	PP test
Output growth	−2.26	−5.5
Inflation	−2.94	−3.4
Yield spread	−2.9	−3.4

, , and denote significance at 1%, 5%, and 10%, respectively.