*** Tue, 21 Jun 2016 11:25:25 ***
VEC REPRESENTATION
endogenous variables:     Dp R 
exogenous variables:       
deterministic variables:   
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)|   -0.588    -0.082  
          |   (0.144)   (0.127) 
          |   {0.000}   {0.518} 
          |  [-4.072]  [-0.646] 
d(R) (t-1)|    0.117     0.186  
          |   (0.112)   (0.099) 
          |   {0.296}   {0.060} 
          |   [1.046]   [1.880] 
d(Dp)(t-2)|   -0.704    -0.040  
          |   (0.099)   (0.087) 
          |   {0.000}   {0.644} 
          |  [-7.124]  [-0.462] 
d(R) (t-2)|    0.187    -0.045  
          |   (0.113)   (0.100) 
          |   {0.098}   {0.655} 
          |   [1.653]  [-0.446] 
d(Dp)(t-3)|   -0.825     0.009  
          |   (0.053)   (0.047) 
          |   {0.000}   {0.846} 
          | [-15.489]   [0.194] 
d(R) (t-3)|    0.023     0.172  
          |   (0.112)   (0.099) 
          |   {0.836}   {0.080} 
          |   [0.207]   [1.748] 
------------------------------




Loading coefficients:
=====================
             d(Dp)      d(R)  
-----------------------------
ec1(t-1)|   -0.546     0.106  
        |   (0.190)   (0.167) 
        |   {0.004}   {0.527} 
        |  [-2.880]   [0.632] 
-----------------------------

Estimated cointegration relation(s):
====================================
          ec1(t-1)  
-------------------
 Dp(t-1)|    1.000  
        |   (0.000) 
        |   {0.000} 
        |   [0.000] 
 R (t-1)|   -0.111  
        |   (0.014) 
        |   {0.000} 
        |  [-7.798] 
-------------------



VAR REPRESENTATION

modulus of the eigenvalues of the reverse characteristic polynomial:
|z| = ( 1.0098     1.0121     1.0121     1.0000     1.1621     1.8586     1.8586     1.6916     )

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


Lagged endogenous term:
=======================
                Dp         R  
-----------------------------
 Dp(t-1)|   -0.134     0.023  
        |   (0.238)   (0.210) 
        |   {0.575}   {0.911} 
        |  [-0.561]   [0.112] 
 R (t-1)|    0.178     1.174  
        |   (0.114)   (0.101) 
        |   {0.119}   {0.000} 
        |   [1.557]  [11.665] 
 Dp(t-2)|   -0.116     0.042  
        |   (0.054)   (0.047) 
        |   {0.031}   {0.375} 
        |  [-2.158]   [0.886] 
 R (t-2)|    0.070    -0.231  
        |   (0.171)   (0.151) 
        |   {0.682}   {0.127} 
        |   [0.410]  [-1.526] 
 Dp(t-3)|   -0.122     0.049  
        |   (0.053)   (0.047) 
        |   {0.022}   {0.293} 
        |  [-2.291]   [1.052] 
 R (t-3)|   -0.164     0.217  
        |   (0.172)   (0.151) 
        |   {0.338}   {0.152} 
        |  [-0.958]   [1.433] 
 Dp(t-4)|    0.825    -0.009  
        |   (0.053)   (0.047) 
        |   {0.000}   {0.846} 
        |  [15.489]  [-0.194] 
 R (t-4)|   -0.023    -0.172  
        |   (0.112)   (0.099) 
        |   {0.836}   {0.080} 
        |  [-0.207]  [-1.748] 
-----------------------------



