协整检验结果分析

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大家好，从以下的结果看，可以得出什么结果？可以得出协整关系式吗
Date: 04/12/11   Time: 13:07   
Sample (adjusted): 1987 2009   
Included observations: 23 after adjustments   
Trend assumption: Linear deterministic trend   
Series: CPI RE I M2     
Lags interval (in first differences): 1 to 1   
   
Unrestricted Cointegration Rank Test (Trace)   
   
Hypothesized  Trace 0.05
No. of CE(s) Eigenvalue Statistic Critical Value Prob.**
   
None *  0.799145  62.42885  47.85613  0.0012
At most 1  0.415367  25.50987  29.79707  0.1440
At most 2  0.370144  13.16412  15.49471  0.1089
At most 3  0.104245  2.532035  3.841466  0.1116
   
Trace test indicates 1 cointegrating eqn(s) at the 0.05 level   
* denotes rejection of the hypothesis at the 0.05 level   
**MacKinnon-Haug-Michelis (1999) p-values   
   
Unrestricted Cointegration Rank Test (Maximum Eigenvalue)   
   
Hypothesized  Max-Eigen 0.05
No. of CE(s) Eigenvalue Statistic Critical Value Prob.**
   
None *  0.799145  36.91898  27.58434  0.0024
At most 1  0.415367  12.34575  21.13162  0.5139
At most 2  0.370144  10.63208  14.26460  0.1736
At most 3  0.104245  2.532035  3.841466  0.1116
   
Max-eigenvalue test indicates 1 cointegrating eqn(s) at the 0.05 level   
* denotes rejection of the hypothesis at the 0.05 level   
**MacKinnon-Haug-Michelis (1999) p-values   
   
Unrestricted Cointegrating Coefficients (normalized by b'*S11*b=I):     
   
CPI RE I M2
-0.274630  0.026899  0.019455  0.196461
-0.089050  0.027325  0.118960  0.107461
-0.377756  0.396188 -0.052610 -0.109250
-0.000432 -0.080253  0.073807 -0.065346
   
   
Unrestricted Adjustment Coefficients (alpha):     
   
D(CPI)  4.182617  0.387021 -0.197429  0.572450
D(RE)  4.937396 -2.064344 -2.080652  1.740437
D(I)  1.859338 -4.837655 -0.401796 -1.315159
D(M2) -1.074683 -1.473882  1.927770  0.315667
   
   
1 Cointegrating Equation(s):   Log likelihood -269.8682
   
Normalized cointegrating coefficients (standard error in parentheses)   
CPI RE I M2
1.000000 -0.097947 -0.070841 -0.715365
  (0.10136)  (0.06667)  (0.11215)
   
Adjustment coefficients (standard error in parentheses)   
D(CPI) -1.148673   
  (0.18847)   
D(RE) -1.355958   
  (0.50349)   
D(I) -0.510631   
  (0.57391)   
D(M2)  0.295140   
  (0.27069)   
   
   
2 Cointegrating Equation(s):   Log likelihood -263.6953
   
Normalized cointegrating coefficients (standard error in parentheses)   
CPI RE I M2
1.000000  0.000000  0.522281 -0.484974
   (0.20099)  (0.25895)
0.000000  1.000000  6.055568  2.352204
   (1.90328)  (2.45211)
   
Adjustment coefficients (standard error in parentheses)   
D(CPI) -1.183137  0.123084  
  (0.19627)  (0.02607)  
D(RE) -1.172129  0.076403  
  (0.50918)  (0.06763)  
D(I) -0.079838 -0.082175  
  (0.49925)  (0.06631)  
D(M2)  0.426390 -0.069182  
  (0.26520)  (0.03522)  
   
   
3 Cointegrating Equation(s):   Log likelihood -258.3793
   
Normalized cointegrating coefficients (standard error in parentheses)   
CPI RE I M2
1.000000  0.000000  0.000000 -0.768618
    (0.08886)
0.000000  1.000000  0.000000 -0.936497
    (0.17858)
0.000000  0.000000  1.000000  0.543087
    (0.38983)
   
Adjustment coefficients (standard error in parentheses)   
D(CPI) -1.108558  0.044865  0.137800
  (0.32242)  (0.26992)  (0.08919)
D(RE) -0.386151 -0.747926 -0.040055
  (0.80347)  (0.67266)  (0.22226)
D(I)  0.071943 -0.241362 -0.518178
  (0.82088)  (0.68723)  (0.22708)
D(M2) -0.301836  0.694576 -0.297661
  (0.37592)  (0.31472)  (0.10399)

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关键词：结果分析 协整检验 coefficients unrestricted observations 协整检验 结果分析

Trace test indicates 1 cointegrating eqn(s) at the 0.05 level