Research Article
Relationships among Energy Price Shocks, Stock Market, and the Macroeconomy: Evidence from China
Table 1
The test result of unit root.
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Note. 1The meanings of various variables in the table are as follows: IP is industry value added discounted by price index, OIL is discounted purchase price index for fuel power, stands for real interest rates, and STOCK is monthly price index of Shanghai stock market. 2 and in test type stand for constant, trend, and lag orders, respectively. 3At three remarkable levels, when ADF value is greater than critical value, corresponding series has unit root. 4 ***, **, and * stand for 1%, 5%, and 10% critical levels, respectively. 5 stands for the first differential of the variables, and stands for the second differential of the variables. |