*** Tue, 21 Jun 2016 11:28:38 ***
VEC REPRESENTATION
endogenous variables:     Dp R 
exogenous variables:       
deterministic variables:  CONST 
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)|   -0.515    -0.321  
          |   (0.153)   (0.133) 
          |   {0.001}   {0.016} 
          |  [-3.359]  [-2.418] 
d(R) (t-1)|    0.045     0.253  
          |   (0.117)   (0.101) 
          |   {0.701}   {0.012} 
          |   [0.384]   [2.507] 
d(Dp)(t-2)|   -0.655    -0.200  
          |   (0.105)   (0.091) 
          |   {0.000}   {0.028} 
          |  [-6.239]  [-2.202] 
d(R) (t-2)|    0.118     0.013  
          |   (0.116)   (0.101) 
          |   {0.308}   {0.900} 
          |   [1.019]   [0.126] 
d(Dp)(t-3)|   -0.803    -0.070  
          |   (0.056)   (0.048) 
          |   {0.000}   {0.146} 
          | [-14.446]  [-1.453] 
d(R) (t-3)|   -0.053     0.220  
          |   (0.114)   (0.098) 
          |   {0.640}   {0.025} 
          |  [-0.468]   [2.238] 
------------------------------


Deterministic term:
===================
             d(Dp)      d(R)  
-----------------------------
CONST   |   -0.008     0.005  
        |   (0.003)   (0.002) 
        |   {0.001}   {0.028} 
        |  [-3.207]   [2.196] 
-----------------------------


Loading coefficients:
=====================
             d(Dp)      d(R)  
-----------------------------
ec1(t-1)|   -0.640     0.423  
        |   (0.201)   (0.174) 
        |   {0.001}   {0.015} 
        |  [-3.183]   [2.426] 
-----------------------------

Estimated cointegration relation(s):
====================================
          ec1(t-1)  
-------------------
 Dp(t-1)|    1.000  
        |   (0.000) 
        |   {0.000} 
        |   [0.000] 
 R (t-1)|   -0.273  
        |   (0.050) 
        |   {0.000} 
        |  [-5.422] 
-------------------



VAR REPRESENTATION

modulus of the eigenvalues of the reverse characteristic polynomial:
|z| = ( 1.0095     1.0117     1.0117     1.0000     1.3347     1.3347     1.7356     1.7356     )

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


Lagged endogenous term:
=======================
                Dp         R  
-----------------------------
 Dp(t-1)|   -0.156     0.101  
        |   (0.253)   (0.219) 
        |   {0.538}   {0.644} 
        |  [-0.615]   [0.463] 
 R (t-1)|    0.220     1.138  
        |   (0.129)   (0.112) 
        |   {0.088}   {0.000} 
        |   [1.705]  [10.193] 
 Dp(t-2)|   -0.139     0.121  
        |   (0.056)   (0.049) 
        |   {0.013}   {0.013} 
        |  [-2.482]   [2.497] 
 R (t-2)|    0.074    -0.240  
        |   (0.170)   (0.147) 
        |   {0.664}   {0.102} 
        |   [0.434]  [-1.635] 
 Dp(t-3)|   -0.148     0.130  
        |   (0.056)   (0.049) 
        |   {0.009}   {0.008} 
        |  [-2.624]   [2.660] 
 R (t-3)|   -0.172     0.207  
        |   (0.170)   (0.147) 
        |   {0.312}   {0.159} 
        |  [-1.011]   [1.410] 
 Dp(t-4)|    0.803     0.070  
        |   (0.056)   (0.048) 
        |   {0.000}   {0.146} 
        |  [14.446]   [1.453] 
 R (t-4)|    0.053    -0.220  
        |   (0.114)   (0.098) 
        |   {0.640}   {0.025} 
        |   [0.468]  [-2.238] 
-----------------------------


Deterministic term:
===================
                Dp         R  
-----------------------------
CONST   |   -0.008     0.005  
        |   (0.000)   (0.000) 
        |   {0.000}   {0.000} 
        |   [0.000]   [0.000] 
-----------------------------

