13

0.485394

14.22705

74.35797

3.583822

5.006081

2.825079

14

0.485912

14.24305

74.20653

3.576641

5.002914

2.970862

15

0.486158

14.24938

74.13537

3.573898

5.002931

3.038428

16

0.486296

14.25340

74.09507

3.574333

5.001719

3.075473

17

0.486371

14.25792

74.07263

3.574190

5.000804

3.094458

18

0.486390

14.25987

74.06745

3.577559

5.000875

3.094246

19

0.486430

14.25798

74.05755

3.582028

5.003729

3.098712

20

0.486479

14.25521

74.04345

3.584032

5.007775

3.109532

Variance Decomposition of D(R):

Period

S.E.

D(FEDR)

D(ZARX)

D(R)

D(SAP)

D(YGAP)

1

0.965203

1.747883

3.522244

94.72987

0.000000

0.000000

2

1.023986

2.180782

3.129539

89.30934

0.020069

5.360267

3

1.078005

5.621703

2.850342

80.74823

1.295575

9.484151

4

1.140124

5.025887

2.675426

74.37395

3.980647

13.94409

5

1.195292

5.772932

2.439763

68.54620

3.737344

19.50376

6

1.211792

5.661775

2.755529

66.71166

4.282418

20.58861

7

1.217544

5.942583

2.766223

66.10222

4.324121

20.86485

8

1.227934

6.045831

3.689372

65.01109

4.653987

20.59972

9

1.242190

6.140966

4.132307

63.63718

4.993423

21.09612

10

1.248256

6.200363

4.176961

63.07142

5.055772

21.49548

11

1.255248

6.171131

4.145558

62.39037

5.047380

22.24556

12

1.259629

6.128298

4.197100

62.00414

5.054377

22.61608

13

1.261662

6.210357

4.273404

61.80611

5.051522

22.65861

14

1.264105

6.437667

4.324998

61.57142

5.033660

22.63225

15

1.265354

6.579801

4.345142

61.46159

5.025799

22.58767

16

1.266052

6.624018

4.352353

61.40653

5.027064

22.59003

17

1.266421

6.631314

4.350574

61.37273

5.028957

22.61642

18

1.266864

6.626785

4.348614

61.33261

5.032402

22.65959

19

1.267375

6.629296

4.347044

61.28911

5.034702

22.69984

20

1.267767

6.643790

4.347987

61.25386

5.034540

22.71982

Variance Decomposition of D(SAP):

Period

S.E.

D(FEDR)

D(ZARX)

D(R)

D(SAP)

D(YGAP)

1

0.464076

0.114568

0.000751

9.881469

90.00321

0.000000

2

0.509091

1.359815

1.501030

9.302596

87.72623

0.110323

3

0.541211

6.701786

5.471020

9.186187

78.15651

0.484494

4

0.576660

11.20723

7.826153

9.474018

69.13813

2.354472

5

0.619620

14.21246

8.385136

9.629009

61.95294

5.820448

6

0.657214

16.20207

9.293197

9.380104

55.43143

9.693195