ye=.5*ye(-1)+

Serie estacionaria:
ye=.5*ye(-1)+nrnd
serie integrada:
yi=yi(-1)+nrnd
4
30
3
2
20
1
0
10
-1
-2
0
-3
-4
-10
250
500
YE
750
1000
250
500
YI
750
1000
Serie integrada con tend.:
yit=1+.5*t+u
u=u(-1)+5*nrnd
serie estacionaria con tend.:
yet=1+.5*t+nrnd*50
600
500
500
400
400
300
300
200
200
100
100
0
0
-100
-200
250
500
YET
750
1000
-100
250
500
YIT
750
1000
Tipo de cambio y precios relativos
2.8
2.4
2.0
1.6
1.2
0.8
60
65
70
75
ITCPTAEURO
80
85
90
PRPTAEURO
95
Tipo de cambio real peseta-euro
.20
.15
.10
.05
.00
-.05
-.10
60
65
70
75
80
85
90
LOG(ITCRPTAEURO)
95
Augmented Dickey-Fuller Unit Root Test on LOG(ITCRPTAEURO)
Null Hypothesis: LOG(ITCRPTAEURO) has a unit root
Exogenous: Constant
Lag Length: 0 (Automatic based on SIC, MAXLAG=9)
Augmented Dickey-Fuller test statistic
Test critical values:
1% level
5% level
10% level
t-Statistic
Prob.*
-1.970689
-3.610453
-2.938987
-2.607932
0.2980
*MacKinnon (1996) one-sided p-values.
Augmented Dickey-Fuller Test Equation
Dependent Variable: D(LOG(ITCRPTAEURO))
Method: Least Squares
Date: 05/10/02 Time: 12:54
Sample(adjusted): 1961 1999
Included observations: 39 after adjusting endpoints
Variable
Coefficient
Std. Error
t-Statistic
Prob.
LOG(ITCRPTAEURO
(-1))
C
-0.207423
0.105254
-1.970689
0.0563
0.011454
0.009856
1.162177
0.2526
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
Durbin-Watson stat
0.094992
0.070532
0.046793
0.081014
65.10697
1.821167
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
F-statistic
Prob(F-statistic)
-0.001164
0.048536
-3.236255
-3.150944
3.883617
0.056276
KPSS Unit Root Test on LOG(ITCRPTAEURO)
Null Hypothesis: LOG(ITCRPTAEURO) is stationary
Exogenous: Constant
Bandwidth: 4 (Newey-West using Bartlett kernel)
LM-Stat.
Kwiatkowski-Phillips-Schmidt-Shin test statistic
Asymptotic critical values*:
1% level
5% level
10% level
0.288537
0.739000
0.463000
0.347000
*Kwiatkowski-Phillips-Schmidt-Shin (1992, Table 1)
Residual variance (no correction)
HAC corrected variance (Bartlett kernel)
0.005216
0.015951
KPSS Test Equation
Dependent Variable: LOG(ITCRPTAEURO)
Method: Least Squares
Date: 05/10/02 Time: 12:59
Sample: 1960 1999
Included observations: 40
Variable
C
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
Coefficient
Std. Error
t-Statistic
Prob.
0.058177
0.011565
5.030578
0.0000
0.000000
0.000000
0.073142
0.208638
48.36317
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Durbin-Watson stat
0.058177
0.073142
-2.368158
-2.325937
0.429310
Índice de precios en la Unión Europea
2.4
2.0
1.6
1.2
0.8
0.4
0.0
65
70
75
80
85
LOG(IPUE)
90
95
Augmented Dickey-Fuller Unit Root Test on LOG(IPUE)
Null Hypothesis: LOG(IPUE) has a unit root
Exogenous: Constant, Linear Trend
Lag Length: 1 (Automatic based on SIC, MAXLAG=9)
Augmented Dickey-Fuller test statistic
Test critical values:
1% level
5% level
10% level
t-Statistic
Prob.*
-2.377412
-4.219126
-3.533083
-3.198312
0.3848
*MacKinnon (1996) one-sided p-values.
Augmented Dickey-Fuller Test Equation
Dependent Variable: D(LOG(IPUE))
Method: Least Squares
Date: 05/11/02 Time: 12:44
Sample(adjusted): 1962 1999
Included observations: 38 after adjusting endpoints
Variable
Coefficient
Std. Error
t-Statistic
Prob.
LOG(IPUE(-1))
D(LOG(IPUE(-1)))
C
@TREND(1961)
-0.034204
0.964289
0.003334
0.002176
0.014387
0.059364
0.006457
0.001072
-2.377412
16.24365
0.516324
2.029369
0.0232
0.0000
0.6090
0.0503
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
Durbin-Watson stat
0.900240
0.891438
0.010775
0.003947
120.3553
1.624514
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
F-statistic
Prob(F-statistic)
0.061610
0.032701
-6.123964
-5.951587
102.2726
0.000000
Augmented Dickey-Fuller Unit Root Test on LOG(IPUE)
Null Hypothesis: LOG(IPUE) is stationary
Exogenous: Constant, Linear Trend
Bandwidth: 5 (Newey-West using Bartlett kernel)
LM-Stat.
Kwiatkowski-Phillips-Schmidt-Shin test statistic
Asymptotic critical values*:
1% level
5% level
10% level
0.136746
0.216000
0.146000
0.119000
*Kwiatkowski-Phillips-Schmidt-Shin (1992, Table 1)
Residual variance (no correction)
HAC corrected variance (Bartlett kernel)
0.018632
0.085851
KPSS Test Equation
Dependent Variable: LOG(IPUE)
Method: Least Squares
Date: 05/11/02 Time: 12:44
Sample: 1961 1999
Included observations: 39
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
@TREND(1961)
-0.049068
0.071544
0.044031
0.001994
-1.114402
35.88226
0.2723
0.0000
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
Durbin-Watson stat
0.972066
0.971311
0.140139
0.726638
22.32773
0.059611
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
F-statistic
Prob(F-statistic)
1.310272
0.827367
-1.042447
-0.957137
1287.536
0.000000
TEST DE COINTEGRACIÓN PRECIOS RELATIVOS-TIPO DE
CAMBIO PESETA FRENTE A EURO
Ecuación estática
Dependent Variable: LOG(ITCPTAEURO)
Method: Least Squares
Date: 05/11/02 Time: 12:46
Sample: 1960 1999
Included observations: 40
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
LOG(PRPTAEURO)
-0.095699
1.075237
0.020236
0.034003
-4.729237
31.62207
0.0000
0.0000
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
Durbin-Watson stat
0.963390
0.962426
0.069741
0.184825
50.78701
0.487241
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
F-statistic
Prob(F-statistic)
0.440840
0.359787
-2.439351
-2.354907
999.9553
0.000000
Ajuste modelo autorregresivo aplicado a los residuos
Dependent Variable: D(RES)
Method: Least Squares
Date: 05/Time: 12:55
Sample(adjusted): 1962 1999
Included observations: 38 after adjusting endpoints
Variable
Coefficient
Std. Error
t-Statistic
Prob.
RES(-1)
-0.290528
0.109016
-2.665006
0.0113
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
0.160421
0.160421
0.045015
0.074974
64.41619
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Durbin-Watson stat
-0.001318
0.049127
-3.337694
-3.294600
1.759691
TEST DE COINTEGRACIÓN A PARTIR DE LA ESTIMACIÓN DEL
MODELO DE MECANISMO DE CORRECCIÓN DE ERROR
Estimación por mcnl del modelo de mecanismo de corrección de error
Dependent Variable: DLOG(ITCPTAEURO)
Method: Least Squares
Date: 05/10/02 Time: 12:42
Sample: 1961 1999
Included observations: 39
Convergence achieved after 4 iterations
DLOG(ITCPTAEURO) =C(1)*DLOG(PRPTAEURO) +C(2)
*(LOG(ITCPTAEURO(-1)) +C(3)+C(4)*(LOG(PRPTAEURO(-1))))
C(1)
C(2)
C(3)
C(4)
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
Coefficient
Std. Error
t-Statistic
Prob.
0.676916
-0.294986
0.097588
-1.136331
0.335606
0.111976
0.056251
0.083537
2.016998
-2.634361
1.734872
-13.60274
0.0514
0.0125
0.0916
0.0000
0.305598
0.246077
0.045562
0.072656
67.23033
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Durbin-Watson stat
0.024752
0.052473
-3.242581
-3.071959
1.809688
Estimación por mco del modelo de mecanismo de corrección de error aplicando el
método en dos etapas
Dependent Variable: DLOG(ITCPTAEURO)
Method: Least Squares
Date: 05/11/02 Time: 13:08
Sample(adjusted): 1962 1999
Included observations: 38 after adjusting endpoints
DLOG(ITCPTAEURO) =C(1)*DLOG(PRPTAEURO) +C(2)*RES(-1)
C(1)
C(2)
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
Coefficient
Std. Error
t-Statistic
Prob.
0.847287
-0.312570
0.223838
0.111090
3.785263
-2.813658
0.0006
0.0079
0.302119
0.282733
0.044992
0.072874
64.95580
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Durbin-Watson stat
0.025127
0.053125
-3.313463
-3.227274
1.734923
En procesos cointegrados la estimación de la ecuación estática ofrece un
estimador consistente del efecto multiplicador a largo plazo
Estimación de la ecuación estática
Dependent Variable: LOG(ITCPTAEURO)
Method: Least Squares
Date: 05/11/02 Time: 12:55
Sample: 1960 1999
Included observations: 40
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
LOG(PRPTAEURO)
-0.095699
1.075237
0.020236
0.034003
-4.729237
31.62207
0.0000
0.0000
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
Durbin-Watson stat
0.963390
0.962426
0.069741
0.184825
50.78701
0.487241
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
F-statistic
Prob(F-statistic)
0.440840
0.359787
-2.439351
-2.354907
999.9553
0.000000
Estimación de un modelo dinámico general
Dependent Variable: LOG(ITCPTAEURO)
Method: Least Squares
Date: 05/11/02 Time: 13:15
Sample(adjusted): 1961 1999
Included observations: 39 after adjusting endpoints
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
LOG(PRPTAEURO)
LOG(ITCPTAEURO(1))
LOG(PRPTAEURO(1))
-0.028787
0.676916
0.705014
0.018054
0.335606
0.111976
-1.594480
2.016998
6.296105
0.1198
0.0514
0.0000
-0.341715
0.383095
-0.891984
0.3785
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
Durbin-Watson stat
0.985017
0.983732
0.045562
0.072656
67.23033
1.809688
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
F-statistic
Prob(F-statistic)
0.452144
0.357222
-3.242581
-3.071959
766.9749
0.000000
Elasticidad a largo plazo del tipo de cambio con respecto a los precios relativos:
Elasticidad=(0.676916-0.341715)/(1-0.705014)=1.1363
En procesos cointegrados el sesgo de simultaneidad desparece
Estimación por MCO
Dependent Variable: LOG(ITCPTAEURO)
Method: Least Squares
Date: 05/11/02 Time: 13:23
Sample(adjusted): 1961 1999
Included observations: 39 after adjusting endpoints
Convergence achieved after 7 iterations
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
LOG(PRPTAEURO)
AR(1)
-0.132820
1.132369
0.734801
0.061817
0.093551
0.111475
-2.148612
12.10427
6.591608
0.0385
0.0000
0.0000
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
Durbin-Watson stat
Inverted AR Roots
0.984164
0.983284
0.046185
0.076792
66.15072
1.847350
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
F-statistic
Prob(F-statistic)
0.452144
0.357222
-3.238498
-3.110532
1118.629
0.000000
.73
Estimación por Variables Instrumentales
Dependent Variable: LOG(ITCPTAEURO)
Method: Two-Stage Least Squares
Date: 05/10/02 Time: 13:57
Sample(adjusted): 1962 1999
Included observations: 38 after adjusting endpoints
Convergence achieved after 5 iterations
Instrument list: C LOG(IPUE) LOG(IPUE(-1)) LOG(IPUE(-2))
Lagged dependent
variable & regressors
added to instrument
list
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
LOG(PRPTAEURO)
AR(1)
-0.176157
1.196844
0.714983
0.068137
0.101561
0.113647
-2.585338
11.78446
6.291232
0.0141
0.0000
0.0000
R-squared
Adjusted R-squared
S.E. of regression
F-statistic
Prob(F-statistic)
Inverted AR Roots
0.984432
0.983542
0.045474
1107.236
0.000000
.71
Mean dependent var
S.D. dependent var
Sum squared resid
Durbin-Watson stat
0.463766
0.354467
0.072376
1.859968
EFECTOS DE LA COINTEGRACIÓN SOBRE EL SESGO DE
SIMULTANEIDAD. UN EJERCICIO DE SIMULACIÓN
Se parte del modelo:
CO=0.5R+e
R=CO+I
Cuya forma reducida viene dada por:
R=2·I+2·e
CO=I+2·e
Postulándose para “e” una normal (0,1).
Adicionalmente, para el supuesto de estacionariedad se postula para IEST una normal
(0,1), mientras que la INT se genera a través de:
IINT=IINT(-1)+0.2+nrnd
Este planteamiento permite definir dos muestras artificiales de consumo y de renta. En
la primera ambas variables son estacionarias, mientras que en la segunda se está ante
dos procesos integrados y cointegrados, cuya representación gráfica es:
600
500
400
300
200
100
0
250
500
RINT
750
COINT
1000
Estimación de la función de consumo en procesos estacionarios
MCO
Dependent Variable: COEST
Method: Least Squares
Date: 05/20/02 Time: 11:59
Sample: 2 1000
Included observations: 999
Variable
REST
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
Coefficient
0.754308
0.895309
0.895309
0.725629
525.4837
-1096.623
Std. Error
t-Statistic
0.008160
92.43848
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Durbin-Watson stat
Prob.
0.0000
-0.072973
2.242635
2.197443
2.202355
1.983166
Variables Instrumentales
Dependent Variable: COEST
Method: Two-Stage Least Squares
Date: 05/20/02 Time: 12:02
Sample: 2 1000
Included observations: 999
Instrument list: IEST
Variable
REST
R-squared
Adjusted R-squared
S.E. of regression
Durbin-Watson stat
Coefficient
Std. Error
t-Statistic
Prob.
0.484019
0.017134
28.24893
0.0000
0.780216
0.780216
1.051373
2.001543
Mean dependent var
S.D. dependent var
Sum squared resid
-0.072973
2.242635
1103.174
Comentario
Al estimar la función de consumo por MCO se estima un multiplicador de la inversión
sobre la renta de 4.1, frente a un valor poblacional de 2, mientras que al aplicar VI el
multiplicador estimado, de 1.9, prácticamente coincide con el poblacional. De hecho, el
estimador por VI es consistente, lo que significa que tiende al parámetro poblacional.
Estimación de la función de consumo con procesos cointegrados
MCO
Dependent Variable: COINT
Method: Least Squares
Date: 05/20/02 Time: 12:06
Sample: 2 1000
Included observations: 999
Variable
RINT
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
Coefficient
0.500048
0.999792
0.999792
1.019189
1036.669
-1436.008
Std. Error
t-Statistic
0.000107
4661.543
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Durbin-Watson stat
Prob.
0.0000
132.6493
70.74434
2.876893
2.881804
2.002130
Variables Instrumentales
Dependent Variable: COINT
Method: Two-Stage Least Squares
Date: 05/20/02 Time: 12:08
Sample: 2 1000
Included observations: 999
Instrument list: IINT
Variable
RINT
R-squared
Adjusted R-squared
S.E. of regression
Durbin-Watson stat
Coefficient
Std. Error
t-Statistic
Prob.
0.500025
0.000107
4661.116
0.0000
0.999792
0.999792
1.019213
2.002223
Mean dependent var
S.D. dependent var
Sum squared resid
132.6493
70.74434
1036.717
Comentario
En procesos integrados y cointegrados el sesgo de simultaneidad desaparece, lo que se
traduce en que tanto el estimador MCO como por variables instrumentales tiendan al
mismo parámetro poblacional.
El problema de la regresión espuria
1000
800
600
400
200
0
-200
250
500
Y
750
X
Proceso de generación de datos:
Y=Y(-1)+1+5*nrnd
X=X(-1)+0.5+2.5*nrnd
Regresión estimada:
Dependent Variable: Y
Method: Least Squares
Date: 05/12/02 Time: 10:32
Sample: 2 1000
Included observations: 999
Variable
C
X
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
Durbin-Watson stat
Coefficient
Std. Error
t-Statistic
Prob.
62.91992
1.784421
3.128963
0.011211
20.10887
159.1660
0.0000
0.0000
0.962136
0.962098
50.11421
2503900.
-5326.909
0.019054
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
F-statistic
Prob(F-statistic)
492.2687
257.4113
10.66849
10.67831
25333.80
0.000000
1000
Johansen Cointegration Test
Date: 05/10/02 Time: 13:28
Sample(adjusted): 1963 1999
Included observations: 37 after adjusting endpoints
Trend assumption: Linear deterministic trend
Series: LOG(ITCPTAEURO) LOG(PRPTAEURO)
Lags interval (in first differences): 1 to 2
Unrestricted Cointegration Rank Test
Hypothesized
No. of CE(s)
Eigenvalue
Trace
Statistic
5 Percent
Critical Value
1 Percent
Critical Value
None
At most 1
0.271454
0.072489
14.50234
2.784277
15.41
3.76
20.04
6.65
*(**) denotes rejection of the hypothesis at the 5%(1%) level
Trace test indicates no cointegration at both 5% and 1% levels
Hypothesized
No. of CE(s)
Eigenvalue
Max-Eigen
Statistic
5 Percent
Critical Value
1 Percent
Critical Value
None
At most 1
0.271454
0.072489
11.71807
2.784277
14.07
3.76
18.63
6.65
*(**) denotes rejection of the hypothesis at the 5%(1%) level
Max-eigenvalue test indicates no cointegration at both 5% and 1% levels
Unrestricted Cointegrating Coefficients (normalized by b'*S11*b=I):
LOG(ITCPTA LOG(PRPTAE
EURO)
URO)
-18.59780
20.58009
4.195710
-1.098271
Unrestricted Adjustment Coefficients (alpha):
D(LOG(ITCPT
AEURO))
D(LOG(PRPT
AEURO))
0.025228
-0.000704
0.001517
-0.004477
1 Cointegrating Equation(s):
Log likelihood
164.8164
Normalized cointegrating coefficients (std.err. in parentheses)
LOG(ITCPTA LOG(PRPTAE
EURO)
URO)
1.000000
-1.106587
(0.05471)
Adjustment coefficients (std.err. in parentheses)
D(LOG(ITCPT
-0.469178
AEURO))
(0.13833)
D(LOG(PRPT
-0.028216
AEURO))
(0.05616)
Estimación por el mecanismo de corrección de error vectorial
Date: 05/10/02 Time: 13:30
Sample(adjusted): 1963 1999
Included observations: 37 after adjusting endpoints
Standard errors in ( ) & t-statistics in [ ]
Cointegrating Eq:
LOG(ITCPTAEURO(-1))
LOG(PRPTAEURO(-1))
C
CointEq1
1.000000
-1.106587
(0.05471)
[-20.2281]
0.119668
Error Correction:
D(LOG(ITCP
TAEURO))
D(LOG(PRPTAEURO))
CointEq1
-0.469178
(0.13833)
[-3.39183]
-0.028216
(0.05616)
[-0.50244]
D(LOG(ITCPTAEURO(-1)))
0.276323
(0.16272)
[ 1.69819]
0.086354
(0.06606)
[ 1.30722]
D(LOG(ITCPTAEURO(-2)))
0.058341
(0.16491)
[ 0.35378]
-0.058405
(0.06695)
[-0.87239]
D(LOG(PRPTAEURO(-1)))
0.570310
(0.44831)
[ 1.27214]
0.696958
(0.18201)
[ 3.82933]
D(LOG(PRPTAEURO(-2)))
-0.983345
(0.43317)
[-2.27011]
-0.228455
(0.17586)
[-1.29908]
C
0.028117
(0.01224)
[ 2.29652]
0.012267
(0.00497)
[ 2.46801]
0.364284
0.261749
0.063452
0.045242
3.552777
65.31434
-3.206181
-2.944951
0.026938
0.052655
0.445402
0.355951
0.010458
0.018367
4.979267
98.66788
-5.009075
-4.747845
0.024925
0.022887
R-squared
Adj. R-squared
Sum sq. resids
S.E. equation
F-statistic
Log likelihood
Akaike AIC
Schwarz SC
Mean dependent
S.D. dependent
Determinant Residual Covariance
Log Likelihood
Log Likelihood (d.f. adjusted)
Akaike Information Criteria
Schwarz Criteria
6.60E-07
164.8164
158.2699
-7.798375
-7.188838
Estimación por el mecanismo de corrección de error vectorial con
restricciones sobre la relación de cointegración
Vector Error Correction Estimates
Date: 05/10/02 Time: 13:36
Sample(adjusted): 1963 1999
Included observations: 37 after adjusting endpoints
Standard errors in ( ) & t-statistics in [ ]
Cointegration Restrictions:
A(2,1)=0
Convergence achieved after 4 iterations.
Not all cointegrating vectors are identified
LR test for binding restrictions (rank = 1):
Chi-square(1)
0.236937
Probability
0.626427
Cointegrating Eq:
CointEq1
LOG(ITCPTAEURO(-1))
-18.26837
LOG(PRPTAEURO(-1))
20.46708
C
-2.315684
Error Correction:
D(LOG(ITCPTAEURO))
CointEq1
0.024443
(0.00726)
[ 3.36687]
D(LOG(ITCPTAEURO(-1)))
D(LOG(ITCPTAEURO(-2)))
D(LOG(PRPTAEURO(-1)))
D(LOG(PRPTAEURO(-2)))
C
R-squared
Adj. R-squared
Sum sq. resids
S.E. equation
F-statistic
Log likelihood
Akaike AIC
Schwarz SC
Mean dependent
S.D. dependent
Determinant Residual Covariance
Log Likelihood
Log Likelihood (d.f. adjusted)
Akaike Information Criteria
Schwarz Criteria
0.264712
(0.16190)
[ 1.63501]
0.044903
(0.16390)
[ 0.27396]
0.609137
(0.44650)
[ 1.36425]
-0.977940
(0.43358)
[-2.25551]
0.027656
(0.01223)
[ 2.26092]
0.362168
0.259291
0.063664
0.045317
3.520421
65.25286
-3.202857
-2.941628
0.026938
0.052655
D(LOG(PRPTAEURO))
0.000000
(0.00000)
[ NA ]
0.083392
(0.06572)
[ 1.26887]
-0.061512
(0.06653)
[-0.92452]
0.703440
(0.18125)
[ 3.88109]
-0.222260
(0.17600)
[-1.26282]
0.012109
(0.00497)
[ 2.43866]
0.443692
0.353965
0.010491
0.018396
4.944903
98.61093
-5.005996
-4.744766
0.024925
0.022887
6.61E-07
164.6979
158.2445
-7.797003
-7.187466