*** Tue, 21 Jun 2016 11:32:53 ***
VEC REPRESENTATION
endogenous variables:     Dp R 
exogenous variables:       
deterministic variables:  CONST S1 S2 S3 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)|   -0.302    -0.193  
          |   (0.146)   (0.156) 
          |   {0.039}   {0.216} 
          |  [-2.069]  [-1.238] 
d(R) (t-1)|    0.061     0.260  
          |   (0.095)   (0.101) 
          |   {0.521}   {0.010} 
          |   [0.642]   [2.571] 
d(Dp)(t-2)|   -0.366    -0.212  
          |   (0.117)   (0.125) 
          |   {0.002}   {0.089} 
          |  [-3.139]  [-1.701] 
d(R) (t-2)|   -0.005    -0.025  
          |   (0.095)   (0.102) 
          |   {0.956}   {0.804} 
          |  [-0.055]  [-0.249] 
d(Dp)(t-3)|   -0.335    -0.103  
          |   (0.077)   (0.082) 
          |   {0.000}   {0.212} 
          |  [-4.350]  [-1.247] 
d(R) (t-3)|    0.020     0.215  
          |   (0.092)   (0.098) 
          |   {0.831}   {0.028} 
          |   [0.214]   [2.193] 
------------------------------


Deterministic term:
===================
             d(Dp)      d(R)  
-----------------------------
CONST   |   -0.006     0.003  
        |   (0.002)   (0.002) 
        |   {0.000}   {0.088} 
        |  [-3.541]   [1.708] 
S1   (t)|   -0.034     0.002  
        |   (0.005)   (0.005) 
        |   {0.000}   {0.752} 
        |  [-7.493]   [0.316] 
S2   (t)|   -0.018     0.009  
        |   (0.005)   (0.005) 
        |   {0.000}   {0.075} 
        |  [-3.845]   [1.782] 
S3   (t)|   -0.016     0.000  
        |   (0.005)   (0.005) 
        |   {0.000}   {0.936} 
        |  [-3.644]  [-0.081] 
TREND(t)|    0.000     0.000  
        |   (0.000)   (0.000) 
        |   {0.589}   {0.936} 
        |  [-0.540]   [0.080] 
-----------------------------


Loading coefficients:
=====================
             d(Dp)      d(R)  
-----------------------------
ec1(t-1)|   -0.675     0.385  
        |   (0.175)   (0.187) 
        |   {0.000}   {0.040} 
        |  [-3.856]   [2.058] 
-----------------------------

Estimated cointegration relation(s):
====================================
          ec1(t-1)  
-------------------
 Dp(t-1)|    1.000  
        |   (0.000) 
        |   {0.000} 
        |   [0.000] 
 R (t-1)|   -0.232  
        |   (0.052) 
        |   {0.000} 
        |  [-4.430] 
-------------------



VAR REPRESENTATION

modulus of the eigenvalues of the reverse characteristic polynomial:
|z| = ( 1.3768     1.2868     1.2868     1.7489     1.7489     1.0000     1.4303     1.4303     )

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


Lagged endogenous term:
=======================
                Dp         R  
-----------------------------
 Dp(t-1)|    0.022     0.192  
        |   (0.228)   (0.244) 
        |   {0.923}   {0.431} 
        |   [0.097]   [0.787] 
 R (t-1)|    0.217     1.171  
        |   (0.103)   (0.110) 
        |   {0.035}   {0.000} 
        |   [2.106]  [10.629] 
 Dp(t-2)|   -0.064    -0.018  
        |   (0.080)   (0.085) 
        |   {0.426}   {0.828} 
        |  [-0.797]  [-0.217] 
 R (t-2)|   -0.066    -0.286  
        |   (0.140)   (0.150) 
        |   {0.637}   {0.056} 
        |  [-0.472]  [-1.908] 
 Dp(t-3)|    0.031     0.109  
        |   (0.080)   (0.086) 
        |   {0.701}   {0.202} 
        |   [0.384]   [1.275] 
 R (t-3)|    0.025     0.240  
        |   (0.140)   (0.150) 
        |   {0.859}   {0.109} 
        |   [0.177]   [1.603] 
 Dp(t-4)|    0.335     0.103  
        |   (0.077)   (0.082) 
        |   {0.000}   {0.212} 
        |   [4.350]   [1.247] 
 R (t-4)|   -0.020    -0.215  
        |   (0.092)   (0.098) 
        |   {0.831}   {0.028} 
        |  [-0.214]  [-2.193] 
-----------------------------


Deterministic term:
===================
                Dp         R  
-----------------------------
CONST   |   -0.006     0.003  
        |   (0.000)   (0.000) 
        |   {0.000}   {0.000} 
        |   [0.000]   [0.000] 
S1   (t)|   -0.034     0.002  
        |   (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] 
TREND(t)|    0.000     0.000  
        |   (0.000)   (0.000) 
        |   {0.000}   {0.000} 
        |   [0.000]   [0.000] 
-----------------------------

