Variable

PP Test with Constant

(a) Level of Series

Real Money Supply (m − p): M1

−0.059 (0.950)

M2

−1.423 (0.567) [11]

M3

−0.947 (0.759) [8]

Real GDP (y)

−0.542 (0.876)

Interest Rate (r): Saving Deposit Rate

−1.557 (0.499) [3]

Ten-Year Government Bond Yield

−1.437 (0.560) [1]

(b) First Difference of Series

Δ(m − p): M1

−21.048 (0.000)***

M2

−11.679 (0.000)*** [11]

M3

−11.928 (0.000)*** [3]

Δy

−10.628 (0.000)***

Δr: Saving Deposit Rate

−7.297 (0.000)*** [1]

Ten-Year Government Bond Yield

−9.827 (0.000)*** [4]