Date: 03/04/14   Time: 20:19

Sample (adjusted): 2004 2011

Included observations: 8 after adjustments

Trend assumption: Linear deterministic trend

Series: HP RM

Lags interval (in first differences): 1 to 1

Hypothesized

Trace

5 Percent

1 Percent

No. of CE(s)

Eigenvalue

Statistic

Critical Value

Critical Value

None **

0.977540

32.46957

15.41

20.04

At most 1

0.231017

2.101491

  3.76

  6.65

Trace test indicates 1 cointegrating equation(s) at both 5% and 1% levels

*(**) denotes rejection of the hypothesis at the 5%(1%) level

Hypothesized

Max-Eigen

5 Percent

1 Percent

No. of CE(s)

Eigenvalue

Statistic

Critical Value

Critical Value

None **

0.977540

30.36808

14.07

18.63

At most 1

0.231017

2.101491

  3.76

  6.65

Max-eigenvalue test indicates 1 cointegrating equation(s) at both 5% and 1% levels

*(**) denotes rejection of the hypothesis at the 5%(1%) level

Unrestricted Cointegrating Coefficients (normalized by b'*S11*b=I):

HP

RM

-0.000119

2.66E-10

0.000338

1.66E-10

Unrestricted Adjustment Coefficients (alpha):

D(HP)

283.3834

-476.8764

D(RM)

-5.46E+09

5.68E+08

1 Cointegrating Equation(s):

Log likelihood

-241.6626

Normalized cointegrating coefficients (standard error in parentheses)

HP

RM

1.000000

-2.23E-06

(1.9E-07)

Adjustment coefficients (standard error in parentheses)

D(HP)

-0.033718

(0.05908)

D(RM)

649520.1

(85819.9)