7

0.668875

17.19358

9.235348

9.198771

53.57937

10.79293

8

0.674982

17.05853

9.101497

9.034951

53.23808

11.56695

9

0.680064

16.82157

9.011462

8.955404

53.29566

11.91590

10

0.682595

16.78524

8.969430

9.083714

53.22609

11.93552

11

0.683991

16.79059

8.935504

9.193935

53.17335

11.90662

12

0.685224

16.74822

8.924008

9.262387

53.18180

11.88359

13

0.686191

16.70286

8.950178

9.325444

53.16722

11.85430

14

0.686971

16.70745

8.968719

9.376094

53.12023

11.82751

15

0.687773

16.75850

8.968917

9.402504

53.06929

11.80079

16

0.688456

16.81023

8.964744

9.413966

53.03168

11.77939

17

0.688891

16.84215

8.964440

9.421268

53.00576

11.76638

18

0.689135

16.85855

8.965477

9.423952

52.99337

11.75865

19

0.689268

16.86506

8.966249

9.423137

52.99142

11.75413

20

0.689341

16.86663

8.967320

9.421697

52.99091

11.75344

Variance Decomposition of D(YGAP):

Period

S.E.

D(FEDR)

D(ZARX)

D(R)

D(SAP)

D(YGAP)

1

0.012320

0.692653

0.172451

6.068378

21.33808

71.72844

2

0.012992

2.459806

0.748072

5.653200

26.14035

64.99858

3

0.013455

3.420153

2.582989

5.311842

24.38081

64.30421

4

0.013943

5.396028

4.499440

5.679429

22.70410

61.72100

5

0.014421

7.923389

5.293900

5.426732

21.25710

60.09888

6

0.014833

9.120807

6.561962

5.278175

20.21121

58.82784

7

0.015008

9.243767

6.521996

5.227952

20.06049

58.94580

8

0.015221

8.992843

6.447374

5.239903

19.53240

59.78748

9

0.015327

9.067221

6.510797

5.170244

19.26581

59.98593

10

0.015416

9.385361

6.648856

5.141430

19.04790

59.77645

11

0.015473

9.781086

6.677797

5.115737

18.91301

59.51237

12

0.015501

10.02081

6.674340

5.141540

18.85837

59.30494

13

0.015517

10.10254

6.670805

5.177857

18.84707

59.20173

14

0.015529

10.09116

6.660539

5.207661

18.84549

59.19516

15

0.015548

10.08138

6.645361

5.227488

18.83940

59.20637

16

0.015566

10.09030

6.634203

5.231064

18.82601

59.21842

17

0.015581

10.11747

6.633782

5.229389

18.81016

59.20920

18

0.015591

10.15274

6.636723

5.224152

18.79638

59.19000

19

0.015596

10.17968

6.641389

5.221262

18.78789

59.16978

20

0.015598

10.19446

6.645827

5.222843

18.78311

59.15375

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