*** Tue, 21 Jun 2016 11:30:21 ***
VEC REPRESENTATION
endogenous variables:     Dp R 
exogenous variables:       
deterministic variables:  CONST S1 S2 S3 
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)|   -0.339    -0.210  
          |   (0.141)   (0.149) 
          |   {0.016}   {0.159} 
          |  [-2.404]  [-1.407] 
d(R) (t-1)|    0.065     0.269  
          |   (0.095)   (0.100) 
          |   {0.490}   {0.007} 
          |   [0.690]   [2.678] 
d(Dp)(t-2)|   -0.391    -0.223  
          |   (0.114)   (0.121) 
          |   {0.001}   {0.064} 
          |  [-3.432]  [-1.849] 
d(R) (t-2)|   -0.004    -0.018  
          |   (0.095)   (0.101) 
          |   {0.964}   {0.860} 
          |  [-0.045]  [-0.176] 
d(Dp)(t-3)|   -0.347    -0.108  
          |   (0.076)   (0.081) 
          |   {0.000}   {0.183} 
          |  [-4.549]  [-1.332] 
d(R) (t-3)|    0.018     0.223  
          |   (0.092)   (0.098) 
          |   {0.842}   {0.022} 
          |   [0.200]   [2.284] 
------------------------------


Deterministic term:
===================
             d(Dp)      d(R)  
-----------------------------
CONST   |   -0.007     0.004  
        |   (0.002)   (0.002) 
        |   {0.000}   {0.040} 
        |  [-3.801]   [2.054] 
S1   (t)|   -0.034     0.001  
        |   (0.005)   (0.005) 
        |   {0.000}   {0.759} 
        |  [-7.474]   [0.307] 
S2   (t)|   -0.018     0.009  
        |   (0.005)   (0.005) 
        |   {0.000}   {0.074} 
        |  [-3.821]   [1.784] 
S3   (t)|   -0.016     0.000  
        |   (0.005)   (0.005) 
        |   {0.000}   {0.931} 
        |  [-3.636]  [-0.086] 
-----------------------------


Loading coefficients:
=====================
             d(Dp)      d(R)  
-----------------------------
ec1(t-1)|   -0.625     0.408  
        |   (0.167)   (0.176) 
        |   {0.000}   {0.021} 
        |  [-3.752]   [2.312] 
-----------------------------

Estimated cointegration relation(s):
====================================
          ec1(t-1)  
-------------------
 Dp(t-1)|    1.000  
        |   (0.000) 
        |   {0.000} 
        |   [0.000] 
 R (t-1)|   -0.252  
        |   (0.044) 
        |   {0.000} 
        |  [-5.697] 
-------------------



VAR REPRESENTATION

modulus of the eigenvalues of the reverse characteristic polynomial:
|z| = ( 1.3729     1.0000     1.4004     1.4004     1.2824     1.2824     1.7310     1.7310     )

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


Lagged endogenous term:
=======================
                Dp         R  
-----------------------------
 Dp(t-1)|    0.036     0.197  
        |   (0.218)   (0.231) 
        |   {0.869}   {0.393} 
        |   [0.165]   [0.854] 
 R (t-1)|    0.223     1.166  
        |   (0.104)   (0.110) 
        |   {0.031}   {0.000} 
        |   [2.152]  [10.621] 
 Dp(t-2)|   -0.052    -0.013  
        |   (0.079)   (0.084) 
        |   {0.514}   {0.879} 
        |  [-0.653]  [-0.152] 
 R (t-2)|   -0.070    -0.287  
        |   (0.141)   (0.149) 
        |   {0.621}   {0.055} 
        |  [-0.495]  [-1.923] 
 Dp(t-3)|    0.044     0.115  
        |   (0.079)   (0.084) 
        |   {0.582}   {0.169} 
        |   [0.551]   [1.376] 
 R (t-3)|    0.023     0.241  
        |   (0.141)   (0.149) 
        |   {0.872}   {0.107} 
        |   [0.161]   [1.612] 
 Dp(t-4)|    0.347     0.108  
        |   (0.076)   (0.081) 
        |   {0.000}   {0.183} 
        |   [4.549]   [1.332] 
 R (t-4)|   -0.018    -0.223  
        |   (0.092)   (0.098) 
        |   {0.842}   {0.022} 
        |  [-0.200]  [-2.284] 
-----------------------------


Deterministic term:
===================
                Dp         R  
-----------------------------
CONST   |   -0.007     0.004  
        |   (0.000)   (0.000) 
        |   {0.000}   {0.000} 
        |   [0.000]   [0.000] 
S1   (t)|   -0.034     0.001  
        |   (0.000)   (0.000) 
        |   {0.000}   {0.000} 
        |   [0.000]   [0.000] 
S2   (t)|   -0.018     0.009  
        |   (0.000)   (0.000) 
        |   {0.000}   {0.000} 
        |   [0.000]   [0.000] 
S3   (t)|   -0.016     0.000  
        |   (0.000)   (0.000) 
        |   {0.000}   {0.000} 
        |   [0.000]   [0.000] 
-----------------------------

