Endogenous variables: D(FEDR) D(YGAP) D(SAP) D(R) D(ZARX)

Exogenous variables: C

Sample: 1981Q1 2014Q4

Included observations: 127

Lag

LogL

LR

FPE

AIC

SC

HQ

0

−75.57854

NA

2.45e−06

1.268953

1.380929

1.314448

1

31.06208

203.2050

6.77e−07*

−0.016726*

0.655130*

0.256241*

2

55.66586

44.94548

6.82e−07

−0.010486

1.221249

0.489953

3

79.52826

41.71223

6.98e−07

0.007429

1.799043

0.735340

4

103.3880

39.82889

7.17e−07

0.025386

2.376879

0.980769

5

129.3829

41.34626*

7.15e−07

0.009717

2.921090

1.192573

6

145.2657

24.01179

8.43e−07

0.153295

3.624547

1.563623

7

164.2415

27.19359

9.55e−07

0.248166

4.279297

1.885966

8

185.1624

28.33388

1.06e−06

0.312403

4.903413

2.177675