*** Mon, 25 Jul 2016 14:17:28 ***
VEC REPRESENTATION
endogenous variables:     Dp R
exogenous variables:
deterministic variables:  CONST
endogenous lags (diffs):  3
exogenous lags:           0
sample range:             [1973 Q2, 1998 Q4], T = 103
estimation procedure:     One stage. Johansen approach


Lagged endogenous term:
=======================
              d(Dp)      d(R)
------------------------------
d(Dp)(t-1)|   -0.516    -0.322
          |   (0.154)   (0.133)
          |   {0.001}   {0.016}
          |  [-3.358]  [-2.416]
d(R) (t-1)|    0.049     0.258
          |   (0.116)   (0.101)
          |   {0.673}   {0.011}
          |   [0.422]   [2.558]
d(Dp)(t-2)|   -0.655    -0.200
          |   (0.105)   (0.091)
          |   {0.000}   {0.028}
          |  [-6.235]  [-2.198]
d(R) (t-2)|    0.121     0.015
          |   (0.116)   (0.101)
          |   {0.299}   {0.878}
          |   [1.039]   [0.153]
d(Dp)(t-3)|   -0.803    -0.070
          |   (0.056)   (0.048)
          |   {0.000}   {0.148}
          | [-14.430]  [-1.448]
d(R) (t-3)|   -0.050     0.224
          |   (0.114)   (0.098)
          |   {0.658}   {0.023}
          |  [-0.442]   [2.272]
------------------------------




Loading coefficients:
=====================
             d(Dp)      d(R)
-----------------------------
ec1(t-1)|   -0.639     0.423
        |   (0.201)   (0.175)
        |   {0.001}   {0.015}
        |  [-3.176]   [2.426]
-----------------------------

Estimated cointegration relation(s):
====================================
          ec1(t-1)
-------------------
 Dp(t-1)|    1.000
        |   (0.000)
        |   {0.000}
        |   [0.000]
 R (t-1)|   -0.273
        |   (0.050)
        |   {0.000}
        |  [-5.423]
 CONST  |    0.012
        |   (0.004)
        |   {0.002}
        |   [3.146]
-------------------



VAR REPRESENTATION

modulus of the eigenvalues of the reverse characteristic polynomial:
|z| = ( 1.0095     1.0117     1.0117     1.0000     1.3287     1.3287     1.7308     1.7308     )

Legend:
=======
              Equation 1   Equation 2  ...
------------------------------------------
Variable 1 | Coefficient          ...
           | (Std. Dev.)
           | {p - Value}
           | [t - Value]
Variable 2 |         ...
...
------------------------------------------


Lagged endogenous term:
=======================
                Dp         R
-----------------------------
 Dp(t-1)|   -0.155     0.102
        |   (0.253)   (0.220)
        |   {0.540}   {0.643}
        |  [-0.613]   [0.463]
 R (t-1)|    0.224     1.142
        |   (0.129)   (0.112)
        |   {0.082}   {0.000}
        |   [1.738]  [10.236]
 Dp(t-2)|   -0.139     0.122
        |   (0.056)   (0.049)
        |   {0.013}   {0.013}
        |  [-2.475]   [2.497]
 R (t-2)|    0.072    -0.243
        |   (0.170)   (0.147)
        |   {0.673}   {0.099}
        |   [0.422]  [-1.648]
 Dp(t-3)|   -0.148     0.130
        |   (0.057)   (0.049)
        |   {0.009}   {0.008}
        |  [-2.618]   [2.658]
 R (t-3)|   -0.171     0.208
        |   (0.170)   (0.147)
        |   {0.315}   {0.158}
        |  [-1.006]   [1.412]
 Dp(t-4)|    0.803     0.070
        |   (0.056)   (0.048)
        |   {0.000}   {0.148}
        |  [14.430]   [1.448]
 R (t-4)|    0.050    -0.224
        |   (0.114)   (0.098)
        |   {0.658}   {0.023}
        |   [0.442]  [-2.272]
-----------------------------


Deterministic term:
===================
                Dp         R
-----------------------------
CONST   |   -0.008     0.005
        |   (0.000)   (0.000)
        |   {0.000}   {0.000}
        |   [0.000]   [0.000]
-----------------------------

