| Variance Decomposition of D(FEDR): | ||||||
| Period | S.E. | D(FEDR) | D(YGAP) | D(SAP) | D(R) | D(ZARX) |
| 1 | 0.427389 | 100.0000 | 0.000000 | 0.000000 | 0.000000 | 0.000000 |
| 2 | 0.558277 | 82.68686 | 13.53209 | 0.569304 | 3.043990 | 0.167754 |
| 3 | 0.569148 | 80.15342 | 13.89369 | 0.587488 | 4.981888 | 0.383520 |
| 4 | 0.577272 | 78.68178 | 14.77779 | 1.286328 | 4.877376 | 0.376728 |
| 5 | 0.584321 | 77.76533 | 15.65173 | 1.307908 | 4.904195 | 0.370835 |
| 6 | 0.590564 | 76.29065 | 15.66533 | 1.436526 | 6.217149 | 0.390344 |
| 7 | 0.602353 | 73.40171 | 15.92568 | 1.935944 | 8.227039 | 0.509628 |
| 8 | 0.606995 | 72.29466 | 16.71954 | 2.044518 | 8.416960 | 0.524326 |
| 9 | 0.615400 | 70.37089 | 18.60273 | 2.144458 | 8.339580 | 0.542348 |
| 10 | 0.620434 | 69.24601 | 19.63140 | 2.328196 | 8.219605 | 0.574791 |
| 11 | 0.622536 | 68.78564 | 20.01199 | 2.404310 | 8.164876 | 0.633188 |
| 12 | 0.623971 | 68.60596 | 20.18268 | 2.418443 | 8.127671 | 0.665248 |
| 13 | 0.624627 | 68.55925 | 20.14584 | 2.426864 | 8.179202 | 0.688847 |
| 14 | 0.625562 | 68.40445 | 20.17095 | 2.421131 | 8.292351 | 0.711121 |
| 15 | 0.626223 | 68.27411 | 20.25397 | 2.416137 | 8.345119 | 0.710668 |
| 16 | 0.626902 | 68.12646 | 20.37593 | 2.414396 | 8.366450 | 0.716769 |
| 17 | 0.627597 | 67.98253 | 20.49029 | 2.416646 | 8.375854 | 0.734682 |
| 18 | 0.628020 | 67.91561 | 20.53290 | 2.415522 | 8.375853 | 0.760119 |
| 19 | 0.628351 | 67.89576 | 20.53984 | 2.413290 | 8.368720 | 0.782398 |
| 20 | 0.628553 | 67.89671 | 20.53297 | 2.411764 | 8.363749 | 0.794812 |
| Variance Decomposition of D(YGAP): | ||||||
| Period | S.E. | D(FEDR) | D(YGAP) | D(SAP) | D(R) | D(ZARX) |
| 1 | 0.012320 | 0.692653 | 99.30735 | 0.000000 | 0.000000 | 0.000000 |
| 2 | 0.012992 | 2.459806 | 92.91087 | 3.766743 | 0.094650 | 0.767928 |
| 3 | 0.013455 | 3.420153 | 89.08458 | 4.366785 | 0.100066 | 3.028414 |
| 4 | 0.013943 | 5.396028 | 83.72320 | 4.794335 | 0.474658 | 5.611777 |
| 5 | 0.014421 | 7.923389 | 80.12006 | 5.293776 | 0.444052 | 6.218724 |
| 6 | 0.014833 | 9.120807 | 77.48557 | 5.322358 | 1.138260 | 6.933001 |
| 7 | 0.015008 | 9.243767 | 77.23559 | 5.250464 | 1.472916 | 6.797267 |
| 8 | 0.015221 | 8.992843 | 76.79579 | 5.658189 | 1.679555 | 6.873622 |
| 9 | 0.015327 | 9.067221 | 76.39471 | 5.890015 | 1.658445 | 6.989612 |
| 10 | 0.015416 | 9.385361 | 75.92928 | 5.885362 | 1.669164 | 7.130831 |
| 11 | 0.015473 | 9.781086 | 75.53621 | 5.856219 | 1.666237 | 7.160253 |
| 12 | 0.015501 | 10.02081 | 75.26882 | 5.842384 | 1.723624 | 7.144359 |