Panel 1C (LEXRATE) Panel 1D (LCP) Panel 1C (LEXRATE) Panel 1D (LCP)

Panel IC LEXRATE Exogenous. Constant, Linear Trend Lag Length: 0 (Automatic - based on SIC, maug=13) Panel ID LCP Exogenous: Constant, Linear Trend Lag Length: 1 (Automatic - based on SIC, Augmented Dickey-Fuller test t-Statistic -2.422430 -4.025924 -3.442712 -3.146022 prob.* 0 3664 Augmented Dickey-Fuller test t-Statistic -1.613724 -4.026429 -3.442955 -3.146165 prob.* 0.7827 statistic Test critical values: statistic Test critical values: 1% level 5% level level 1% level 5% level level (d) Interpret the unit root test results in Panels I(c) and I(d). What can you infer about the stationarityproperty of LCP and LEXRATE? [21