*** Tue, 21 Jun 2016 11:36:47 ***
VEC REPRESENTATION
endogenous variables:     Dp R 
exogenous variables:       
deterministic variables:  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)|   -0.417     0.027  
          |   (0.132)   (0.142) 
          |   {0.002}   {0.848} 
          |  [-3.164]   [0.192] 
d(R) (t-1)|    0.130     0.207  
          |   (0.092)   (0.099) 
          |   {0.156}   {0.035} 
          |   [1.419]   [2.103] 
d(Dp)(t-2)|   -0.442    -0.065  
          |   (0.109)   (0.118) 
          |   {0.000}   {0.578} 
          |  [-4.038]  [-0.556] 
d(R) (t-2)|    0.055    -0.067  
          |   (0.094)   (0.101) 
          |   {0.558}   {0.507} 
          |   [0.586]  [-0.663] 
d(Dp)(t-3)|   -0.368    -0.034  
          |   (0.076)   (0.081) 
          |   {0.000}   {0.675} 
          |  [-4.855]  [-0.420] 
d(R) (t-3)|    0.085     0.181  
          |   (0.091)   (0.098) 
          |   {0.352}   {0.064} 
          |   [0.931]   [1.854] 
------------------------------


Deterministic term:
===================
             d(Dp)      d(R)  
-----------------------------
   S1(t)|   -0.034     0.002  
        |   (0.005)   (0.005) 
        |   {0.000}   {0.697} 
        |  [-7.472]   [0.390] 
   S2(t)|   -0.018     0.009  
        |   (0.005)   (0.005) 
        |   {0.000}   {0.074} 
        |  [-3.797]   [1.788] 
   S3(t)|   -0.017     0.000  
        |   (0.005)   (0.005) 
        |   {0.000}   {0.980} 
        |  [-3.624]  [-0.025] 
-----------------------------


Loading coefficients:
=====================
             d(Dp)      d(R)  
-----------------------------
ec1(t-1)|   -0.518     0.090  
        |   (0.151)   (0.162) 
        |   {0.001}   {0.580} 
        |  [-3.431]   [0.554] 
-----------------------------

Estimated cointegration relation(s):
====================================
          ec1(t-1)  
-------------------
 Dp(t-1)|    1.000  
        |   (0.000) 
        |   {0.000} 
        |   [0.000] 
 R (t-1)|   -0.108  
        |   (0.012) 
        |   {0.000} 
        |  [-8.905] 
-------------------



VAR REPRESENTATION

modulus of the eigenvalues of the reverse characteristic polynomial:
|z| = ( 1.3631     1.2805     1.2805     1.8318     1.8318     1.0000     1.2153     1.7166     )

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


Lagged endogenous term:
=======================
                Dp         R  
-----------------------------
 Dp(t-1)|    0.065     0.117  
        |   (0.201)   (0.215) 
        |   {0.747}   {0.587} 
        |   [0.322]   [0.543] 
 R (t-1)|    0.186     1.198  
        |   (0.093)   (0.100) 
        |   {0.046}   {0.000} 
        |   [1.996]  [11.961] 
 Dp(t-2)|   -0.025    -0.093  
        |   (0.078)   (0.084) 
        |   {0.748}   {0.268} 
        |  [-0.321]  [-1.109] 
 R (t-2)|   -0.075    -0.274  
        |   (0.142)   (0.153) 
        |   {0.597}   {0.073} 
        |  [-0.529]  [-1.794] 
 Dp(t-3)|    0.074     0.031  
        |   (0.077)   (0.083) 
        |   {0.339}   {0.707} 
        |   [0.956]   [0.376] 
 R (t-3)|    0.030     0.248  
        |   (0.143)   (0.153) 
        |   {0.834}   {0.105} 
        |   [0.209]   [1.620] 
 Dp(t-4)|    0.368     0.034  
        |   (0.076)   (0.081) 
        |   {0.000}   {0.675} 
        |   [4.855]   [0.420] 
 R (t-4)|   -0.085    -0.181  
        |   (0.091)   (0.098) 
        |   {0.352}   {0.064} 
        |  [-0.931]  [-1.854] 
-----------------------------


Deterministic term:
===================
                Dp         R  
-----------------------------
   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)|   -0.017     0.000  
        |   (0.000)   (0.000) 
        |   {0.000}   {0.000} 
        |   [0.000]   [0.000] 
-----------------------------

