用Johansen检验得到的结果,存在3个协整关系,是那3个协整关系呢?如何解释两个关系的取舍呢?请高手指点!多谢!!!

Series: 1 2 3 4 5

Lags interval: 1 to 2

Likelihood

5 Percent

1 Percent

Hypothesized

Eigenvalue

Ratio

Critical Value

Critical Value

No. of CE(s)

0.881859

104.8759

59.46

66.52

None **

0.614679

53.61477

39.89

45.58

At most 1 **

0.503827

30.72646

24.31

29.75

At most 2 **

0.406378

13.90652

12.53

16.31

At most 3 *

0.056279

1.390204

3.84

6.51

At most 4

Unnormalized Cointegrating Coefficients:

1

2

3

4

5

-9.523858

3.275034

-1.031476

-4.593725

1.746649

-0.828952

-3.009821

1.039013

8.256647

-3.235711

8.960758

1.036818

-0.613059

-7.963858

2.383775

6.380281

-0.209587

-1.354267

6.133406

-4.326647

-1.433901

0.302045

-0.282281

7.189264

-4.305091

Normalized Cointegrating Coefficients: 1 Cointegrating Equation(s)

1

2

3

4

5

1.000000

-0.343877

0.108304

0.482339

-0.183397

(0.04423)

(0.02216)

(0.13527)

(0.06001)

Log likelihood

284.5691

Normalized Cointegrating Coefficients: 2 Cointegrating Equation(s)

1

2

3

4

5

1.000000

0.000000

-0.009504

-0.421113

0.170171

(0.02547)

(0.20488)

(0.12451)

0.000000

1.000000

-0.342590

-2.627254

1.028183

(0.06822)

(0.54881)

(0.33353)

Log likelihood

296.0132