| Variance Decomposition of D(FEDR): | ||||||
| Period | S.E. | D(FEDR) | D(ZARX) | D(R) | D(SAP) | D(YGAP) |
| 1 | 0.427389 | 100.0000 | 0.000000 | 0.000000 | 0.000000 | 0.000000 |
| 2 | 0.558277 | 82.68686 | 0.048313 | 5.934346 | 0.269795 | 11.06068 |
| 3 | 0.569148 | 80.15342 | 0.087374 | 8.562160 | 0.276572 | 10.92048 |
| 4 | 0.577272 | 78.68178 | 0.090746 | 8.712026 | 1.638920 | 10.87653 |
| 5 | 0.584321 | 77.76533 | 0.094215 | 8.521967 | 1.796503 | 11.82199 |
| 6 | 0.590564 | 76.29065 | 0.105795 | 9.495040 | 1.860574 | 12.24794 |
| 7 | 0.602353 | 73.40171 | 0.625947 | 10.69202 | 1.852463 | 13.42786 |
| 8 | 0.606995 | 72.29466 | 0.714942 | 10.63185 | 1.931420 | 14.42713 |
| 9 | 0.615400 | 70.37089 | 0.696009 | 10.35368 | 2.140986 | 16.43844 |
| 10 | 0.620434 | 69.24601 | 0.697387 | 10.18739 | 2.144996 | 17.72422 |
| 11 | 0.622536 | 68.78564 | 0.737122 | 10.12645 | 2.138237 | 18.21256 |
| 12 | 0.623971 | 68.60596 | 0.759510 | 10.08526 | 2.140907 | 18.40837 |
| 13 | 0.624627 | 68.55925 | 0.798529 | 10.10633 | 2.154063 | 18.38183 |
| 14 | 0.625562 | 68.40445 | 0.853328 | 10.13045 | 2.221759 | 18.39002 |
| 15 | 0.626223 | 68.27411 | 0.861670 | 10.13275 | 2.272230 | 18.45925 |
| 16 | 0.626902 | 68.12646 | 0.860499 | 10.12342 | 2.309725 | 18.57990 |
| 17 | 0.627597 | 67.98253 | 0.865547 | 10.11126 | 2.334372 | 18.70629 |
| 18 | 0.628020 | 67.91561 | 0.879996 | 10.10304 | 2.347322 | 18.75403 |
| 19 | 0.628351 | 67.89576 | 0.896643 | 10.09321 | 2.352137 | 18.76225 |
| 20 | 0.628553 | 67.89671 | 0.908560 | 10.08698 | 2.351734 | 18.75602 |
| Variance Decomposition of D(ZARX): | ||||||
| Period | S.E. | D(FEDR) | D(ZARX) | D(R) | D(SAP) | D(YGAP) |
| 1 | 0.414610 | 5.501757 | 94.49824 | 0.000000 | 0.000000 | 0.000000 |
| 2 | 0.438567 | 7.715469 | 88.26320 | 1.575933 | 2.427678 | 0.017720 |
| 3 | 0.449118 | 8.869899 | 85.37842 | 2.001019 | 3.497691 | 0.252968 |
| 4 | 0.464289 | 10.97502 | 80.70363 | 2.891319 | 4.172603 | 1.257424 |
| 5 | 0.468852 | 10.82615 | 79.39751 | 3.224527 | 4.681272 | 1.870539 |
| 6 | 0.474203 | 12.22120 | 77.63839 | 3.183798 | 5.091769 | 1.864845 |
| 7 | 0.479915 | 13.19915 | 75.80118 | 3.454089 | 5.078582 | 2.466991 |
| 8 | 0.482216 | 13.78638 | 75.24664 | 3.425210 | 5.032953 | 2.508818 |
| 9 | 0.483403 | 14.07201 | 74.93798 | 3.413910 | 5.038115 | 2.537991 |
| 10 | 0.483833 | 14.19199 | 74.83170 | 3.409304 | 5.030874 | 2.536135 |
| 11 | 0.484406 | 14.24792 | 74.65883 | 3.428408 | 5.022810 | 2.642039 |
| 12 | 0.485025 | 14.21390 | 74.46833 | 3.555968 | 5.011253 | 2.750545 |