ECM

Y5

Y6

Y7

Y8

EC

0.148

(0.185)

−1.822

(0.280)

0.001

(0.043)

−0.162

(0.222)

Y5 (−1)

−1.089

(0.305)

Y6 (−1)

0.621

(0.212)

Y7 (−1)

0.340

(0.192)

Y8 (−1)

−0.489

(0.271)

Y5 (−2)

−0.647

(0.362)

Y6 (−2)

0.530

(0.194)

Y7 (−2)

−0.066

(0.190)

Y8 (−2)

−0.559

(0.242)

Y5 (−3)

0.135

(0.339)

Y6 (−3)

0.498

(0.148)

Y7 (−3)

−0.307

(0.206)

Y8 (−3)

−0.301

(0.201)

Y5 (−4)

0.120

(0.250)

Y7 (−4)

0.295

(0.187)

X31 (−1)

0.199

(0.684)

−0.313

(0.528)

−0.087

(0.073)

0.279

(0.357)

X31 (−2)

0.679

(0.665)

−0.878

(0.450)

0.125

(0.077)

−0.003

(0.322)

X31 (−3)

0.912

(0.616)

−0.115

(0.501)

−0.079

(0.066)

−0.333

(0.361)

X31 (−4)

−0.200

(0.695)

−0.157

(0.069)

X32 (−1)

0.138

(0.122)

0.431

(0.126)

−0.005

(0.015)

0.093

(0.110)

X32 (−2)

0.181

(0.155)

0.290

(0.113)

−0.018

(0.018)

0.093

(0.101)

X32 (−3)

0.123

(0.154)

0.197

(0.106)

0.018

(0.020)

0.090

(0.088)

X32 (−4)

0.070

(0.130)

0.022

(0.013)

X33 (−1)

0.207

(0.261)

−0.366

(0.244)

−0.007

(0.025)

0.196

(0.155)

X33 (−2)

0.383

(0.264)

−0.535

(0.236)

0.084

(0.026)

−0.033

(0.175)

X33 (−3)

−0.279

(0.376)

−0.409

(0.250)

−0.022

(0.035)

−0.227

(0.196)

X33 (−4)

−0.598

(0.375)

−0.015

(0.031)

C

0.092

(0.043)

0.016

(0.02)

0.014

(0.010)

@TREND (18M03)

R-squared

0.765

0.810

0.697

0.685

Adj. R-squared

0.530

0.698

0.394

0.521

Sum sq. resids

0.667

0.716

0.008

0.403

S.E. equation

0.198

0.180

0.022

0.132

F-statistic

3.251

7.214

2.302

4.170

Log likelihood

19.661

19.428

97.286

29.800

Akaike AIC

−0.095

−0.302

−4.531

−0.934

Schwarz SC

0.705

0.314

−3.731

−0.362

Mean dependent

0.007

0.030

0.021

0.006

S.D. dependent

0.289

0.328

0.028

0.191