*** 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] 
-----------------------------

