If the PPP theory holds, then the real exchange rate should not deviate persistently from its average. Investigate the order of integration of the real exchange rate, explain the procedure you adopt and comment on the results of the below tables (Table 6, 7 and 8). Table 6 Sample: 1991M01 2015M12 Included observations: 300 Autocorrelation Partial Correlation AC Q-Stat Prob 1 0.978 0.978 289.94 0.000 2 0.948 -0.213 562.97 0.000 3 0.915 -0.019 818.51 0.000 4 0.883 -0.009 1057.0 0.000 5 0.853 0.039 1280.3 0.000 6 0.828 0.095 1491.6 0.000 7 0.807 0.024 1693.0 0.000 8 0.789 0.031 1886.2 0.000 9 0.768 -0.104 2069.8 0.000 10 0.743 -0.083 2242.2 0.000 11 0.715 -0.022 2402.4 0.000 12 0.681 -0.122 2548.5 0.000 13 0.646 -0.017 2680.2 0.000 14 0.612 0.023 2798.8 0.000 15 0.580 0.002 2905.9 0.000 16 0.551 -0.022 3002.6 0.000 17 0.524 0.026 3090.7 0.000 18 0.498 -0.047 3170.5 0.000 19 0.473 -0.003 3242.5 0.000 20 0.447 0.006 3307.1 0.000 21 0.420 -0.016 3364.4 0.000 22 0.394 0.024 3414.8 0.000 23 0.366 -0.049 3458.7 0.000 24 0.337 -0.044 3496.1 0.000 25 0.310 0.020 3527.8 0.000 26 0.284 -0.045 3554.5 0.000 27 0.257 -0.024 3576.4 0.000 28 0.231 -0.015 3594.1 0.000 29 0.208 0.042 3608.5 0.000 30 0.186 0.009 3620.1 0.000 31 0.168 0.055 3629.7 0.000 32 0.149 -0.094 3637.1 0.000 33 0.130 0.031 3642.8 0.000 34 0.112 -0.006 3647.1 0.000 35 0.093 -0.014 3650.0 0.000 36 0.076 0.073 3652.0 0.000 If the PPP theory holds, then the real exchange rate should not deviate persistently from its average. Investigate the order of integration of the real exchange rate, explain the procedure you adopt and comment on the results of the below tables (Table 6, 7 and 8). Table 6 Sample: 1991M01 2015M12 Included observations: 300 Autocorrelation Partial Correlation AC Q-Stat Prob 1 0.978 0.978 289.94 0.000 2 0.948 -0.213 562.97 0.000 3 0.915 -0.019 818.51 0.000 4 0.883 -0.009 1057.0 0.000 5 0.853 0.039 1280.3 0.000 6 0.828 0.095 1491.6 0.000 7 0.807 0.024 1693.0 0.000 8 0.789 0.031 1886.2 0.000 9 0.768 -0.104 2069.8 0.000 10 0.743 -0.083 2242.2 0.000 11 0.715 -0.022 2402.4 0.000 12 0.681 -0.122 2548.5 0.000 13 0.646 -0.017 2680.2 0.000 14 0.612 0.023 2798.8 0.000 15 0.580 0.002 2905.9 0.000 16 0.551 -0.022 3002.6 0.000 17 0.524 0.026 3090.7 0.000 18 0.498 -0.047 3170.5 0.000 19 0.473 -0.003 3242.5 0.000 20 0.447 0.006 3307.1 0.000 21 0.420 -0.016 3364.4 0.000 22 0.394 0.024 3414.8 0.000 23 0.366 -0.049 3458.7 0.000 24 0.337 -0.044 3496.1 0.000 25 0.310 0.020 3527.8 0.000 26 0.284 -0.045 3554.5 0.000 27 0.257 -0.024 3576.4 0.000 28 0.231 -0.015 3594.1 0.000 29 0.208 0.042 3608.5 0.000 30 0.186 0.009 3620.1 0.000 31 0.168 0.055 3629.7 0.000 32 0.149 -0.094 3637.1 0.000 33 0.130 0.031 3642.8 0.000 34 0.112 -0.006 3647.1 0.000 35 0.093 -0.014 3650.0 0.000 36 0.076 0.073 3652.0 0.000