A Time-Varying Coupling Analysis of Expressway Traffic Volume and Manufacturing PMI

Table 2

Cointegration test of expressway passenger car, freight traffic, and manufacturing PMI.

Hypothesized no. of CE (s)	Eigenvalue	Trace			Maximum eigenvalue
		Trace statistic	5% critical value	Prob.	Maxeigen statistic	5% critical value	Prob.
None	0.3104	63.0907	29.7971	0.0000	43.4819	21.1316	0.0000
At most 1	0.1312	19.6088	15.4947	0.0113	16.4514	14.2646	0.0222
At most 2	0.0266	3.1574	3.8415	0.0756	3.1574	3.8415	0.0756