| 13 | 0.015517 | 10.10254 | 75.13497 | 5.830781 | 1.800471 | 7.131235 |
| 14 | 0.015529 | 10.09116 | 75.09528 | 5.824669 | 1.866098 | 7.122801 |
| 15 | 0.015548 | 10.08138 | 75.05910 | 5.816622 | 1.927647 | 7.115247 |
| 16 | 0.015566 | 10.09030 | 75.02534 | 5.809199 | 1.960380 | 7.114778 |
| 17 | 0.015581 | 10.11747 | 74.97996 | 5.802448 | 1.974589 | 7.125533 |
| 18 | 0.015591 | 10.15274 | 74.93925 | 5.796861 | 1.976573 | 7.134574 |
| 19 | 0.015596 | 10.17968 | 74.91139 | 5.793309 | 1.975383 | 7.140244 |
| 20 | 0.015598 | 10.19446 | 74.89182 | 5.792246 | 1.978399 | 7.143069 |
| Variance Decomposition of D(SAP): | ||||||
| Period | S.E. | D(FEDR) | D(YGAP) | D(SAP) | D(R) | D(ZARX) |
| 1 | 0.464076 | 0.114568 | 26.76535 | 73.12008 | 0.000000 | 0.000000 |
| 2 | 0.509091 | 1.359815 | 24.77611 | 72.42341 | 0.020099 | 1.420563 |
| 3 | 0.541211 | 6.701786 | 22.18903 | 64.67564 | 0.449341 | 5.984207 |
| 4 | 0.576660 | 11.20723 | 21.21146 | 57.88488 | 0.995263 | 8.701173 |
| 5 | 0.619620 | 14.21246 | 20.15023 | 54.01086 | 2.092265 | 9.534182 |
| 6 | 0.657214 | 16.20207 | 21.17924 | 50.06447 | 2.164964 | 10.38925 |
| 7 | 0.668875 | 17.19358 | 21.47890 | 48.90788 | 2.135514 | 10.28412 |
| 8 | 0.674982 | 17.05853 | 21.31612 | 49.34065 | 2.149683 | 10.13501 |
| 9 | 0.680064 | 16.82157 | 21.05409 | 49.76905 | 2.345570 | 10.00972 |
| 10 | 0.682595 | 16.78524 | 20.91200 | 49.69306 | 2.670541 | 9.939161 |
| 11 | 0.683991 | 16.79059 | 20.82729 | 49.59486 | 2.887327 | 9.899929 |
| 12 | 0.685224 | 16.74822 | 20.75242 | 49.55892 | 3.028906 | 9.911543 |
| 13 | 0.686191 | 16.70286 | 20.69506 | 49.49739 | 3.133959 | 9.970730 |
| 14 | 0.686971 | 16.70745 | 20.65176 | 49.41279 | 3.212193 | 10.01581 |
| 15 | 0.687773 | 16.75850 | 20.61165 | 49.32481 | 3.271923 | 10.03312 |
| 16 | 0.688456 | 16.81023 | 20.58307 | 49.25193 | 3.314176 | 10.04060 |
| 17 | 0.688891 | 16.84215 | 20.56554 | 49.20382 | 3.339882 | 10.04861 |
| 18 | 0.689135 | 16.85855 | 20.55545 | 49.17900 | 3.352633 | 10.05437 |
| 19 | 0.689268 | 16.86506 | 20.54955 | 49.17094 | 3.357321 | 10.05713 |
| 20 | 0.689341 | 16.86663 | 20.54523 | 49.17134 | 3.358086 | 10.05871 |
| Variance Decomposition of D(R): | ||||||
| Period | S.E. | D(FEDR) | D(YGAP) | D(SAP) | D(R) | D(ZARX) |
| 1 | 0.965203 | 1.747883 | 5.418447 | 4.733423 | 88.10025 | 0.000000 |
| 2 | 1.023986 | 2.180782 | 6.612403 | 7.453399 | 83.40437 | 0.349042 |
| 3 | 1.078005 | 5.621703 | 11.96786 | 6.731252 | 75.27326 | 0.405926 |
| 4 | 1.140124 | 5.025887 | 20.59558 | 6.270605 | 67.61327 | 0.494662 |
| 5 | 1.195292 | 5.772932 | 25.52595 | 6.434433 | 61.80661 | 0.460076 |
| 6 | 1.211792 | 5.661775 | 26.91815 | 6.261592 | 60.51661 | 0.641869 |