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Table 3 Ng-Perron unit root test

From: Economic policy uncertainty and the US stock market trading: non-ARDL evidence

Variables	C						C&T
Variables	MZ_a	MZ_t	MSB	MPT	MZ_a	MZ_t	MSB	MPT	S.Breaks
SM	− 1.74	− 0.91	0.52	13.77	− 5.97	− 1.36	0.22	14.77	2008
\(\Delta {\text{SM}}\)	− 13.32**	− 2.45**	0.18**	2.32**	13.49	− 2.51	18.63	7.20
GDP	− 1.83	− 0.65	0.35	9.82	− 9.68	− 2.19	0.22	9.43	2008
\(\Delta {\text{GDP}}\)	− 10.10**	− 2.21**	0.21**	2.53**	− 11.1	− 2.35	0.21	8.20
INR	− 8.63	− 2.05	0.23	2.90	− 24.2	− 3.43	0.14	4.01*	2001
∆INR	− 11.57**	− 2.33**	0.20**	2.37**	− 11.89	− 2.42	0.20	7.74
INF	− 7.75	− 1.90	0.24	3.40	− 12.52	− 2.48	0.19	7.36	2009
\(\Delta {\text{INF}}\)	− 13.50**	− 2.59*	0.192**	1.81**	− 27.85*	− 3.71*	0.13*	3.34*
UM	− 20.36*	− 3.13*	0.15*	1.40*	− 20.06**	− 3.11**	0.15**	4.85**	2008
\(\Delta {\text{UM}}\)	− 8.92*	− 2.09**	0.23***	2.80**	− 9.95	− 2.22	0.22	9.16
GD	1.33	0.68	0.51	24.37	− 4.88	− 1.39	0.28	17.73	1997
\(\Delta {\text{GD}}\)	− 13.88**	− 2.60*	0.18**	1.87**	− 13.55	− 2.59	0.19	6.77
ER	− 9.35	− 2.11	0.22	2.81	− 9.16	− 2.10	0.22	10.06	2010
\(\Delta {\text{ER}}\)	− 12.55**	− 2.48**	0.19**	2.04**	− 12.59	− 2.50	0.19	7.27
EPU	− 6.50	− 1.52	0.23	4.61	− 9.19	− 2.00	0.21	10.42	2004
\(\Delta {\text{EPU}}\)	− 13.98*	− 2.56**	0.18**	2.03**	− 13.97	− 2.60	0.18	6.74

*, **, *** show statistical significance at 1%, 5% and 10% levels, respectively. C and C&T represent constant and constant and trend, respectively. The symbol Δ shows the initial difference between the variables. S. Breaks represent structural breaks in the models with constant only using the Zivot-Andrews unit root test. In Table 3, all of the variables’ structural breaks are statistically significant at 5% levels
Source: Research finding

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