7

1.217544

5.942583

27.21519

6.208845

59.94640

0.686979

8

1.227934

6.045831

27.05671

6.202841

59.25202

1.442602

9

1.242190

6.140966

27.63463

6.063304

58.46140

1.699707

10

1.248256

6.200363

27.96095

6.037391

58.09003

1.711270

11

1.255248

6.171131

28.47245

6.097909

57.51379

1.744725

12

1.259629

6.128298

28.69139

6.114021

57.18847

1.877823

13

1.261662

6.210357

28.70124

6.100568

57.00616

1.981671

14

1.264105

6.437667

28.64500

6.082250

56.79187

2.043217

15

1.265354

6.579801

28.58850

6.070444

56.70158

2.059668

16

1.266052

6.624018

28.58112

6.065705

56.66695

2.062212

17

1.266421

6.631314

28.60105

6.065221

56.64141

2.061010

18

1.266864

6.626785

28.63421

6.065380

56.60993

2.063694

19

1.267375

6.629296

28.66030

6.065941

56.57616

2.068307

20

1.267767

6.643790

28.67031

6.065713

56.54595

2.074243

Variance Decomposition of D(ZARX):

Period

S.E.

D(FEDR)

D(YGAP)

D(SAP)

D(R)

D(ZARX)

1

0.414610

5.501757

0.164100

0.076306

3.920995

90.33684

2

0.438567

7.715469

1.652200

2.146192

3.578968

84.90717

3

0.449118

8.869899

1.672568

3.669669

3.432130

82.35573

4

0.464289

10.97502

2.063567

4.668923

4.111776

78.18071

5

0.468852

10.82615

3.386752

4.720168

4.170145

76.89679

6

0.474203

12.22120

3.508341

4.828418

4.214941

75.22710

7

0.479915

13.19915

3.883099

5.024014

4.441729

73.45200

8

0.482216

13.78638

3.882834

4.998465

4.417531

72.91479

9

0.483403

14.07201

3.878572

5.030953

4.398669

72.61980

10

0.483833

14.19199

3.872423

5.024297

4.396736

72.51456

11

0.484406

14.24792

3.938816

5.037531

4.432552

72.34319

12

0.485025

14.21390

3.974242

5.075380

4.566502

72.16997

13

0.485394

14.22705

4.014026

5.087707

4.599089

72.07213

14

0.485912

14.24305

4.136954

5.094009

4.593526

71.93246

15

0.486158

14.24938

4.202208

5.093650

4.588913

71.86585

16

0.486296

14.25340

4.238454

5.093827

4.586903

71.82742

17

0.486371

14.25792

4.256332

5.094285

4.585620

71.80585

18

0.486390

14.25987

4.256074

5.093933

4.589743

71.80038

19

0.486430

14.25798

4.260631

5.093097

4.599152

71.78914

20

0.486479

14.25521

4.272330

5.092148

4.605490

71.77482

Cholesky Ordering: D(FEDR) D(YGAP) D(SAP) D(R) D(ZARX)