Log likelihood = -19846.8 HQIC = 79.38612
Det(Sigma_ml) = 1.51e+23 SBIC = 79.71756
Equation Parms RMSE R-sq chi2 P>chi2
----------------------------------------------------------------
D_SH 5 28.1579 0.0587 30.94085 0.0000
D_SET 5 21.4877 0.0116 5.818944 0.3242
D_HASTC 5 18.0169 0.0256 13.05716 0.0228
D_PLOMP 5 18.442 0.0591 31.15175 0.0000
D_FBMKLC 5 19.4243 0.0101 5.071094 0.4073
D_JCI 5 20.7453 0.0236 11.99529 0.0349
D_SEX 5 24.3796 0.0351 18.01852 0.0029
D_CSX 5 9.29806 0.0547 28.6736 0.0000
D_LSX 5 46.336 0.1521 88.94839 0.0000
----------------------------------------------------------------
------------------------------------------------------------------------------
| Coef. Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
D_SH |
_ce1 |
L1. | -.0682411 .012424 -5.49 0.000 -.0925917 -.0438905
|
_ce2 |
L1. | .0674434 .0241897 2.79 0.005 .0200324 .1148544
|
_ce3 |
L1. | .0767302 .0213651 3.59 0.000 .0348553 .118605
|
_ce4 |
L1. | -.0420055 .0429427 -0.98 0.328 -.1261717 .0421607
|
_cons | -.2202287 1.284865 -0.17 0.864 -2.738517 2.29806
-------------+----------------------------------------------------------------
D_SET |
_ce1 |
L1. | .0004717 .009481 0.05 0.960 -.0181106 .0190541
|
_ce2 |
L1. | -.0263013 .0184596 -1.42 0.154 -.0624814 .0098788
|
_ce3 |
L1. | -.0130081 .0163041 -0.80 0.425 -.0449635 .0189472
|
_ce4 |
L1. | .009596 .0327703 0.29 0.770 -.0546325 .0738245
|
_cons | .9365546 .9805004 0.96 0.339 -.9851908 2.8583
-------------+----------------------------------------------------------------
D_HASTC |
_ce1 |
L1. | .0186795 .0079495 2.35 0.019 .0030987 .0342603
|
_ce2 |
L1. | -.0083749 .0154779 -0.54 0.588 -.038711 .0219612
|
_ce3 |
L1. | -.0444983 .0136705 -3.26 0.001 -.0712921 -.0177045
|
_ce4 |
L1. | -.042599 .0274771 -1.55 0.121 -.096453 .0112551
|
_cons | .485985 .8221254 0.59 0.554 -1.125351 2.097321
-------------+----------------------------------------------------------------
D_PLOMP |
_ce1 |
L1. | -.0066849 .0081371 -0.82 0.411 -.0226333 .0092635
|
_ce2 |
L1. | .0341302 .0158431 2.15 0.031 .0030783 .065182
|
_ce3 |
L1. | -.0042353 .0139931 -0.30 0.762 -.0316612 .0231906
|
_ce4 |
L1. | -.1520638 .0281253 -5.41 0.000 -.2071884 -.0969392
|
_cons | .52389 .841522 0.62 0.534 -1.125463 2.173243
-------------+----------------------------------------------------------------
D_FBMKLC |
_ce1 |
L1. | -.0113491 .0085705 -1.32 0.185 -.028147 .0054488
|
_ce2 |
L1. | .0035982 .0166869 0.22 0.829 -.0291076 .036304
|
_ce3 |
L1. | .0232336 .0147384 1.58 0.115 -.0056532 .0521203
|
_ce4 |
L1. | .0450072 .0296234 1.52 0.129 -.0130536 .103068
|
_cons | .5612602 .886345 0.63 0.527 -1.175944 2.298464
-------------+----------------------------------------------------------------
D_JCI |
_ce1 |
L1. | -.0295277 .0091534 -3.23 0.001 -.047468 -.0115874
|
_ce2 |
L1. | .0161593 .0178218 0.91 0.365 -.0187707 .0510894
|
_ce3 |
L1. | .0350688 .0157407 2.23 0.026 .0042176 .0659201
|
_ce4 |
L1. | .0212106 .031638 0.67 0.503 -.0407987 .08322
|
_cons | .8388553 .9466231 0.89 0.376 -1.016492 2.694203
-------------+----------------------------------------------------------------
D_SEX |
_ce1 |
L1. | .0042573 .0107569 0.40 0.692 -.0168259 .0253405
|
_ce2 |
L1. | .0392924 .0209439 1.88 0.061 -.001757 .0803418
|
_ce3 |
L1. | -.0515192 .0184983 -2.79 0.005 -.0877752 -.0152631
|
_ce4 |
L1. | .0262628 .0371806 0.71 0.480 -.0466098 .0991355
|
_cons | .2259636 1.11246 0.20 0.839 -1.954419 2.406346
-------------+----------------------------------------------------------------
D_CSX |
_ce1 |
L1. | -.015671 .0041026 -3.82 0.000 -.0237119 -.0076302
|
_ce2 |
L1. | .0403866 .0079877 5.06 0.000 .0247309 .0560423
|
_ce3 |
L1. | .0128264 .007055 1.82 0.069 -.0010012 .026654
|
_ce4 |
L1. | -.0300095 .0141802 -2.12 0.034 -.0578021 -.0022168
|
_cons | -.3505348 .4242775 -0.83 0.409 -1.182103 .4810338
-------------+----------------------------------------------------------------
D_LSX |
_ce1 |
L1. | .0209535 .0204447 1.02 0.305 -.0191173 .0610243
|
_ce2 |
L1. | .0885813 .0398061 2.23 0.026 .0105628 .1665998
|
_ce3 |
L1. | .1532468 .035158 4.36 0.000 .0843385 .2221551
|
_ce4 |
L1. | .1303035 .0706656 1.84 0.065 -.0081985 .2688055
|
_cons | .1736098 2.114345 0.08 0.935 -3.97043 4.317649
------------------------------------------------------------------------------
Cointegrating equations
Equation Parms chi2 P>chi2
-------------------------------------------
_ce1 5 126.9672 0.0000
_ce2 5 305.28 0.0000
_ce3 5 253.5034 0.0000
_ce4 5 1188.349 0.0000
-------------------------------------------
Identification: beta is exactly identified
Johansen normalization restrictions imposed
------------------------------------------------------------------------------
beta | Coef. Std. Err. z P>|z| [95% Conf. Interval]
-------------+----------------------------------------------------------------
_ce1 |
SH | 1 . . . . .
SET | (omitted)
HASTC | -1.11e-16 . . . . .
PLOMP | 2.64e-16 . . . . .
FBMKLC | .4009253 .1681509 2.38 0.017 .0713556 .7304949
JCI | 1.242721 .3663898 3.39 0.001 .5246102 1.960832
SEX | -.2122543 .3145557 -0.67 0.500 -.8287721 .4042635
CSX | 2.531003 .5761691 4.39 0.000 1.401732 3.660273
LSX | -2.184776 .2468211 -8.85 0.000 -2.668537 -1.701016
_cons | -549.6667 . . . . .
-------------+----------------------------------------------------------------
_ce2 |
SH | 1.73e-18 . . . . .
SET | 1 . . . . .
HASTC | 5.55e-17 . . . . .
PLOMP | 8.33e-17 . . . . .
FBMKLC | -.1017314 .0847625 -1.20 0.230 -.2678629 .0644001
JCI | .0231974 .184692 0.13 0.900 -.3387923 .3851872
SEX | -.8819981 .1585632 -5.56 0.000 -1.192776 -.57122
CSX | -.9165563 .2904389 -3.16 0.002 -1.485806 -.3473065
LSX | -.7012785 .1244191 -5.64 0.000 -.9451355 -.4574215
_cons | 230.6032 . . . . .
-------------+----------------------------------------------------------------
_ce3 |
SH | 1.21e-17 . . . . .
SET | (omitted)
HASTC | 1 . . . . .
PLOMP | -1.94e-16 . . . . .
FBMKLC | -.7043955 .0909756 -7.74 0.000 -.8827044 -.5260866
JCI | -.5693634 .1982299 -2.87 0.004 -.9578868 -.1808399
SEX | .9648953 .1701858 5.67 0.000 .6313372 1.298453
CSX | .5817263 .311728 1.87 0.062 -.0292492 1.192702
LSX | -1.126491 .133539 -8.44 0.000 -1.388223 -.8647598
_cons | -53.61002 . . . . .
-------------+----------------------------------------------------------------
_ce4 |
SH | -1.26e-17 . . . . .
SET | (omitted)
HASTC | 1.39e-17 . . . . .
PLOMP | 1 . . . . .
FBMKLC | -.0770525 .0388556 -1.98 0.047 -.1532081 -.000897
JCI | -.4426632 .0846638 -5.23 0.000 -.6086011 -.2767253
SEX | -.4439178 .0726862 -6.11 0.000 -.5863801 -.3014556
CSX | .1674238 .1331387 1.26 0.209 -.0935232 .4283708
LSX | -.1551437 .0570344 -2.72 0.007 -.266929 -.0433584
_cons | -3.834028 . . . . .
------------------------------------------------------------------------------