*** Tue, 21 Jun 2016 11:34:28 ***
VEC REPRESENTATION
endogenous variables:     Dp R 
exogenous variables:       
deterministic variables:  CONST TREND 
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)|   -0.519    -0.318  
          |   (0.154)   (0.133) 
          |   {0.001}   {0.017} 
          |  [-3.377]  [-2.395] 
d(R) (t-1)|    0.044     0.252  
          |   (0.117)   (0.101) 
          |   {0.707}   {0.013} 
          |   [0.376]   [2.482] 
d(Dp)(t-2)|   -0.657    -0.198  
          |   (0.105)   (0.091) 
          |   {0.000}   {0.029} 
          |  [-6.254]  [-2.180] 
d(R) (t-2)|    0.118     0.012  
          |   (0.117)   (0.101) 
          |   {0.313}   {0.908} 
          |   [1.008]   [0.115] 
d(Dp)(t-3)|   -0.804    -0.069  
          |   (0.056)   (0.048) 
          |   {0.000}   {0.151} 
          | [-14.467]  [-1.437] 
d(R) (t-3)|   -0.055     0.219  
          |   (0.114)   (0.099) 
          |   {0.633}   {0.026} 
          |  [-0.478]   [2.221] 
------------------------------


Deterministic term:
===================
             d(Dp)      d(R)  
-----------------------------
CONST   |   -0.008     0.005  
        |   (0.003)   (0.002) 
        |   {0.003}   {0.028} 
        |  [-3.011]   [2.195] 
TREND(t)|    0.000     0.000  
        |   (0.000)   (0.000) 
        |   {0.937}   {0.791} 
        |  [-0.080]  [-0.264] 
-----------------------------


Loading coefficients:
=====================
             d(Dp)      d(R)  
-----------------------------
ec1(t-1)|   -0.635     0.419  
        |   (0.201)   (0.174) 
        |   {0.002}   {0.016} 
        |  [-3.154]   [2.402] 
-----------------------------

Estimated cointegration relation(s):
====================================
          ec1(t-1)  
-------------------
 Dp(t-1)|    1.000  
        |   (0.000) 
        |   {0.000} 
        |   [0.000] 
 R (t-1)|   -0.276  
        |   (0.063) 
        |   {0.000} 
        |  [-4.400] 
-------------------



VAR REPRESENTATION

modulus of the eigenvalues of the reverse characteristic polynomial:
|z| = ( 1.0094     1.0116     1.0116     1.0000     1.3356     1.3356     1.7369     1.7369     )

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


Lagged endogenous term:
=======================
                Dp         R  
-----------------------------
 Dp(t-1)|   -0.154     0.100  
        |   (0.253)   (0.219) 
        |   {0.542}   {0.647} 
        |  [-0.609]   [0.458] 
 R (t-1)|    0.220     1.136  
        |   (0.130)   (0.112) 
        |   {0.090}   {0.000} 
        |   [1.693]  [10.121] 
 Dp(t-2)|   -0.138     0.120  
        |   (0.056)   (0.049) 
        |   {0.014}   {0.013} 
        |  [-2.456]   [2.473] 
 R (t-2)|    0.074    -0.240  
        |   (0.170)   (0.147) 
        |   {0.665}   {0.102} 
        |   [0.433]  [-1.633] 
 Dp(t-3)|   -0.147     0.129  
        |   (0.057)   (0.049) 
        |   {0.009}   {0.008} 
        |  [-2.597]   [2.635] 
 R (t-3)|   -0.172     0.207  
        |   (0.170)   (0.147) 
        |   {0.311}   {0.158} 
        |  [-1.013]   [1.411] 
 Dp(t-4)|    0.804     0.069  
        |   (0.056)   (0.048) 
        |   {0.000}   {0.151} 
        |  [14.467]   [1.437] 
 R (t-4)|    0.055    -0.219  
        |   (0.114)   (0.099) 
        |   {0.633}   {0.026} 
        |   [0.478]  [-2.221] 
-----------------------------


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

