-equation 1 was used to analyze all of the time series and they were all found to be non-stationary, except for the stationary gdp time series, which can be seen in the top half of table 5 -then, when the time series on the top of table 5 were corrected for their first differences, they were then reanalyzed again using equation 1 and setting =1 and all of the time series were then found to be stationary, which means that the regression estimates in table 3 are reliable.
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