UNMLUnited Nations Model Law on Electronic Commerce
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International Trade Statistics: Exports 2000-2004, Product Group: 081 - Animal Feed EX UNML CER.
where [a.sub.0], [a.sub.1], [a.sub.2], [a.sub.3], [a.sub.4], [a.sub.5], [a.sub.6], [a.sub.7], are parameters; INTR is the average nominal interest rate on one year yield bonds and treasury bills; RGNP is the real Gross National Product; the unemployment rate series (UNML) is the annual average of the seasonally adjusted monthly unemployment rates; INFL is the inflation rate calculated by the CPI (Consumer Price Index); BDEF is the actual budget deficit in real terms; M is the narrowly defined money stock [M.sub.1] in real terms; GE is current government expenditure on goods and services in real terms; GT is current government transfers in real terms; u is a white noise disturbance term; and t stands for time.
Applying first differences, the computed ADF tests suggested that the null hypothesis should be rejected for the individual series and that the variables INTR, RGNP, UNML, INFL, BDEF, M, GE and GT are integrated to order one I (1).