*** Mon, 25 Jul 2016 14:20:40 ***
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)|   -0.296    -0.185  
          |   (0.145)   (0.156) 
          |   {0.042}   {0.236} 
          |  [-2.034]  [-1.184] 
d(R) (t-1)|    0.063     0.265  
          |   (0.094)   (0.101) 
          |   {0.502}   {0.009} 
          |   [0.672]   [2.624] 
d(Dp)(t-2)|   -0.362    -0.206  
          |   (0.116)   (0.125) 
          |   {0.002}   {0.097} 
          |  [-3.114]  [-1.657] 
d(R) (t-2)|   -0.004    -0.023  
          |   (0.095)   (0.102) 
          |   {0.969}   {0.819} 
          |  [-0.039]  [-0.229] 
d(Dp)(t-3)|   -0.333    -0.100  
          |   (0.077)   (0.083) 
          |   {0.000}   {0.225} 
          |  [-4.328]  [-1.215] 
d(R) (t-3)|    0.022     0.218  
          |   (0.091)   (0.098) 
          |   {0.808}   {0.026} 
          |   [0.243]   [2.229] 
------------------------------


Deterministic term:
===================
             d(Dp)      d(R)  
-----------------------------
   S1(t)|   -0.034     0.002  
        |   (0.005)   (0.005) 
        |   {0.000}   {0.746} 
        |  [-7.490]   [0.324] 
   S2(t)|   -0.018     0.009  
        |   (0.005)   (0.005) 
        |   {0.000}   {0.074} 
        |  [-3.840]   [1.788] 
   S3(t)|   -0.016     0.000  
        |   (0.005)   (0.005) 
        |   {0.000}   {0.939} 
        |  [-3.641]  [-0.077] 
-----------------------------


Loading coefficients:
=====================
             d(Dp)      d(R)  
-----------------------------
ec1(t-1)|   -0.684     0.374  
        |   (0.174)   (0.186) 
        |   {0.000}   {0.044} 
        |  [-3.940]   [2.011] 
-----------------------------

Estimated cointegration relation(s):
====================================
           ec1(t-1)  
--------------------
Dp(t-1)   |    1.000  
          |   (0.000) 
          |   {0.000} 
          |   [0.000] 
R (t-1)   |   -0.229  
          |   (0.052) 
          |   {0.000} 
          |  [-4.395] 
CONST     |    0.008  
          |   (0.005) 
          |   {0.090} 
          |   [1.693] 
TREND(t-1)|    0.000  
          |   (0.000) 
          |   {0.642} 
          |   [0.466] 
--------------------



VAR REPRESENTATION

modulus of the eigenvalues of the reverse characteristic polynomial:
|z| = ( 1.3775     1.2878     1.2878     1.7459     1.7459     1.0000     1.4263     1.4263     )

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


Lagged endogenous term:
=======================
                Dp         R  
-----------------------------
 Dp(t-1)|    0.020     0.190  
        |   (0.226)   (0.243) 
        |   {0.929}   {0.435} 
        |   [0.089]   [0.781] 
 R (t-1)|    0.220     1.179  
        |   (0.102)   (0.110) 
        |   {0.032}   {0.000} 
        |   [2.148]  [10.758] 
 Dp(t-2)|   -0.066    -0.022  
        |   (0.080)   (0.085) 
        |   {0.408}   {0.799} 
        |  [-0.827]  [-0.255] 
 R (t-2)|   -0.067    -0.288  
        |   (0.140)   (0.150) 
        |   {0.633}   {0.055} 
        |  [-0.478]  [-1.918] 
 Dp(t-3)|    0.029     0.106  
        |   (0.080)   (0.086) 
        |   {0.721}   {0.215} 
        |   [0.357]   [1.239] 
 R (t-3)|    0.026     0.242  
        |   (0.140)   (0.151) 
        |   {0.854}   {0.108} 
        |   [0.184]   [1.606] 
 Dp(t-4)|    0.333     0.100  
        |   (0.077)   (0.083) 
        |   {0.000}   {0.225} 
        |   [4.328]   [1.215] 
 R (t-4)|   -0.022    -0.218  
        |   (0.091)   (0.098) 
        |   {0.808}   {0.026} 
        |  [-0.243]  [-2.229] 
-----------------------------


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)|   -0.016     0.000  
             |   (0.000)   (0.000) 
             |   {0.000}   {0.000} 
             |   [0.000]   [0.000] 
CONST     (t)|   -0.006     0.003  
             |   (0.000)   (0.000) 
             |   {0.000}   {0.000} 
             |   [0.000]   [0.000] 
TREND(t-1)(t)|    0.000     0.000  
             |   (0.000)   (0.000) 
             |   {0.000}   {0.000} 
             |   [0.000]   [0.000] 
---------------------------------

