JJ协整检验结果如下图：
   
   
1 Cointegrating Equation(s):   Log likelihood  39.61892
   
Normalized cointegrating coefficients (standard error in parentheses)   
EXQH GDPFN REER  
1.000000 -3.619279  2.293744  
  (0.32578)  (0.51456)  
   
Adjustment coefficients (standard error in parentheses)   
D(EXQH)  0.236580   
  (0.12230)   
D(GDPFN)  0.269348   
  (0.07827)   
D(REER) -0.098037   
这里面怎么没有常数项啊？求各位大侠帮忙  
VEC模型检验结果如下： Vector Error Correction Estimates   
Date: 06/07/11   Time: 19:47   
Sample (adjusted): 1988 2009   
Included observations: 22 after adjustments   
Standard errors in ( ) & t-statistics in [ ]   
   
Cointegrating Eq:  CointEq1  
   
EXQH(-1)  1.000000  
   
GDPFN(-1) -3.816569  
  (0.34644)  
[-11.0165]  
   
REER(-1)  2.099847  
  (0.51291)  
[ 4.09396]  
   
C  0.905634  
   
Error Correction: D(EXQH) D(GDPFN) D(REER)
   
CointEq1  0.350921  0.319939 -0.091175
  (0.23819)  (0.14409)  (0.09305)
[ 1.47329] [ 2.22042] [-0.97983]
   
D(EXQH(-1)) -0.728658 -0.318848  0.001084
  (0.51339)  (0.31057)  (0.20056)
[-1.41931] [-1.02666] [ 0.00541]
   
D(EXQH(-2)) -0.229663  0.059131  0.112313
  (0.37374)  (0.22609)  (0.14601)
[-0.61449] [ 0.26154] [ 0.76923]
   
D(GDPFN(-1))  1.078944  0.284351 -0.271281
  (0.58652)  (0.35481)  (0.22913)
[ 1.83958] [ 0.80143] [-1.18397]
   
D(GDPFN(-2))  0.234778  0.340064  0.140637
  (0.49536)  (0.29966)  (0.19352)
[ 0.47396] [ 1.13483] [ 0.72674]
   
D(REER(-1)) -0.977054 -0.102989  0.017549
  (0.56651)  (0.34271)  (0.22131)
[-1.72468] [-0.30052] [ 0.07929]
   
D(REER(-2)) -0.465115  0.122355 -0.320447
  (0.54531)  (0.32988)  (0.21303)
[-0.85294] [ 0.37091] [-1.50424]
   
C  0.133108  0.033081 -0.021459
  (0.09349)  (0.05656)  (0.03652)
[ 1.42378] [ 0.58493] [-0.58754]
   
R-squared  0.376782  0.545246  0.390913
Adj. R-squared  0.065173  0.317869  0.086369
Sum sq. resids  1.014836  0.371378  0.154879
S.E. equation  0.269236  0.162871  0.105180
F-statistic  1.209149  2.397984  1.283601
Log likelihood  2.622826  13.68071  23.30101
Akaike AIC  0.488834 -0.516428 -1.391001
Schwarz SC  0.885577 -0.119685 -0.994258
Mean dependent  0.083313  0.021733 -0.002082
S.D. dependent  0.278463  0.197201  0.110039
   
Determinant resid covariance (dof adj.)   1.49E-05
Determinant resid covariance   3.84E-06
Log likelihood   43.51309
Akaike information criterion  -1.501190
Schwarz criterion  -0.162183