*** Mon, 25 Jul 2016 21:32:41 ***
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)|   -0.531    -0.324  
          |   (0.151)   (0.131) 
          |   {0.000}   {0.013} 
          |  [-3.514]  [-2.479] 
d(R) (t-1)|    0.051     0.260  
          |   (0.117)   (0.101) 
          |   {0.660}   {0.010} 
          |   [0.440]   [2.581] 
d(Dp)(t-2)|   -0.665    -0.202  
          |   (0.103)   (0.089) 
          |   {0.000}   {0.024} 
          |  [-6.427]  [-2.254] 
d(R) (t-2)|    0.122     0.017  
          |   (0.116)   (0.101) 
          |   {0.295}   {0.863} 
          |   [1.047]   [0.172] 
d(Dp)(t-3)|   -0.808    -0.071  
          |   (0.055)   (0.047) 
          |   {0.000}   {0.137} 
          | [-14.712]  [-1.487] 
d(R) (t-3)|   -0.050     0.226  
          |   (0.114)   (0.098) 
          |   {0.659}   {0.022} 
          |  [-0.441]   [2.295] 
------------------------------




Loading coefficients:
=====================
             d(Dp)      d(R)  
-----------------------------
ec1(t-1)|   -0.619     0.426  
        |   (0.198)   (0.171) 
        |   {0.002}   {0.013} 
        |  [-3.127]   [2.490] 
-----------------------------

Estimated cointegration relation(s):
====================================
           ec1(t-1)  
--------------------
Dp(t-1)   |    1.000  
          |   (0.000) 
          |   {0.000} 
          |   [0.000] 
R (t-1)   |   -0.281  
          |   (0.063) 
          |   {0.000} 
          |  [-4.429] 
CONST     |    0.013  
          |   (0.006) 
          |   {0.032} 
          |   [2.150] 
TREND(t-1)|    0.000  
          |   (0.000) 
          |   {0.901} 
          |  [-0.124] 
--------------------



VAR REPRESENTATION

modulus of the eigenvalues of the reverse characteristic polynomial:
|z| = ( 1.0095     1.0117     1.0117     1.0000     1.3224     1.3224     1.7259     1.7259     )

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


Lagged endogenous term:
=======================
                Dp         R  
-----------------------------
 Dp(t-1)|   -0.150     0.102  
        |   (0.249)   (0.215) 
        |   {0.547}   {0.634} 
        |  [-0.603]   [0.475] 
 R (t-1)|    0.225     1.140  
        |   (0.129)   (0.112) 
        |   {0.081}   {0.000} 
        |   [1.745]  [10.216] 
 Dp(t-2)|   -0.134     0.122  
        |   (0.055)   (0.048) 
        |   {0.016}   {0.011} 
        |  [-2.415]   [2.552] 
 R (t-2)|    0.071    -0.243  
        |   (0.170)   (0.147) 
        |   {0.678}   {0.099} 
        |   [0.415]  [-1.649] 
 Dp(t-3)|   -0.143     0.131  
        |   (0.056)   (0.048) 
        |   {0.010}   {0.007} 
        |  [-2.561]   [2.716] 
 R (t-3)|   -0.172     0.208  
        |   (0.170)   (0.147) 
        |   {0.312}   {0.157} 
        |  [-1.011]   [1.415] 
 Dp(t-4)|    0.808     0.071  
        |   (0.055)   (0.047) 
        |   {0.000}   {0.137} 
        |  [14.712]   [1.487] 
 R (t-4)|    0.050    -0.226  
        |   (0.114)   (0.098) 
        |   {0.659}   {0.022} 
        |   [0.441]  [-2.295] 
-----------------------------


Deterministic term:
===================
                    Dp         R  
---------------------------------
CONST     (t)|   -0.008     0.006  
             |   (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] 
---------------------------------

