*** Mon, 25 Jul 2016 14:16:09 ***
VEC REPRESENTATION
endogenous variables:     Dp R 
exogenous variables:       
deterministic variables:  CONST 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)|   -0.334    -0.202  
          |   (0.141)   (0.150) 
          |   {0.018}   {0.177} 
          |  [-2.364]  [-1.350] 
d(R) (t-1)|    0.068     0.272  
          |   (0.095)   (0.101) 
          |   {0.474}   {0.007} 
          |   [0.715]   [2.709] 
d(Dp)(t-2)|   -0.387    -0.218  
          |   (0.114)   (0.121) 
          |   {0.001}   {0.072} 
          |  [-3.399]  [-1.802] 
d(R) (t-2)|   -0.003    -0.016  
          |   (0.095)   (0.101) 
          |   {0.975}   {0.872} 
          |  [-0.032]  [-0.162] 
d(Dp)(t-3)|   -0.346    -0.106  
          |   (0.076)   (0.081) 
          |   {0.000}   {0.193} 
          |  [-4.524]  [-1.301] 
d(R) (t-3)|    0.020     0.225  
          |   (0.092)   (0.098) 
          |   {0.824}   {0.021} 
          |   [0.222]   [2.303] 
------------------------------


Deterministic term:
===================
             d(Dp)      d(R)  
-----------------------------
   S1(t)|   -0.034     0.002  
        |   (0.005)   (0.005) 
        |   {0.000}   {0.750} 
        |  [-7.464]   [0.318] 
   S2(t)|   -0.018     0.009  
        |   (0.005)   (0.005) 
        |   {0.000}   {0.074} 
        |  [-3.814]   [1.786] 
   S3(t)|   -0.016     0.000  
        |   (0.005)   (0.005) 
        |   {0.000}   {0.934} 
        |  [-3.632]  [-0.082] 
-----------------------------


Loading coefficients:
=====================
             d(Dp)      d(R)  
-----------------------------
ec1(t-1)|   -0.632     0.397  
        |   (0.167)   (0.177) 
        |   {0.000}   {0.025} 
        |  [-3.791]   [2.245] 
-----------------------------

Estimated cointegration relation(s):
====================================
          ec1(t-1)  
-------------------
 Dp(t-1)|    1.000  
        |   (0.000) 
        |   {0.000} 
        |   [0.000] 
 R (t-1)|   -0.251  
        |   (0.044) 
        |   {0.000} 
        |  [-5.671] 
 CONST  |    0.011  
        |   (0.003) 
        |   {0.002} 
        |   [3.142] 
-------------------



VAR REPRESENTATION

modulus of the eigenvalues of the reverse characteristic polynomial:
|z| = ( 1.3732     1.2831     1.2831     1.0000     1.3977     1.3977     1.7293     1.7293     )

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


Lagged endogenous term:
=======================
                Dp         R  
-----------------------------
 Dp(t-1)|    0.034     0.195  
        |   (0.218)   (0.232) 
        |   {0.875}   {0.401} 
        |   [0.157]   [0.840] 
 R (t-1)|    0.226     1.173  
        |   (0.103)   (0.110) 
        |   {0.029}   {0.000} 
        |   [2.185]  [10.671] 
 Dp(t-2)|   -0.054    -0.016  
        |   (0.079)   (0.084) 
        |   {0.499}   {0.852} 
        |  [-0.677]  [-0.186] 
 R (t-2)|   -0.071    -0.289  
        |   (0.141)   (0.150) 
        |   {0.616}   {0.054} 
        |  [-0.502]  [-1.931] 
 Dp(t-3)|    0.042     0.112  
        |   (0.079)   (0.084) 
        |   {0.598}   {0.181} 
        |   [0.527]   [1.337] 
 R (t-3)|    0.023     0.242  
        |   (0.141)   (0.150) 
        |   {0.868}   {0.107} 
        |   [0.166]   [1.613] 
 Dp(t-4)|    0.346     0.106  
        |   (0.076)   (0.081) 
        |   {0.000}   {0.193} 
        |   [4.524]   [1.301] 
 R (t-4)|   -0.020    -0.225  
        |   (0.092)   (0.098) 
        |   {0.824}   {0.021} 
        |  [-0.222]  [-2.303] 
-----------------------------


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   |   -0.007     0.004  
        |   (0.000)   (0.000) 
        |   {0.000}   {0.000} 
        |   [0.000]   [0.000] 
-----------------------------

