Date: 08/08/14   Time: 09:35

Sample (adjusted):  1996Q4 2014Q1

Included observations:  70 after adjustments

Trend assumption:  Linear deterministic trend

Series: LNU LNY

Lags interval (in  first differences): 1 to 2

Unrestricted  Cointegration Rank Test (Trace)

Hypothesized

Trace

0.05

No. of CE(s)

Eigenvalue

Statistic

Critical Value

Prob.**

None

0.132750

11.61170

15.49471

0.1765

At most 1

0.023180

1.641732

3.841466

0.2001

Trace test  indicates no cointegration at the 0.05 level

* denotes  rejection of the hypothesis at the 0.05 level

**MacKinnon-Haug-Michelis  (1999) p-values

Unrestricted  Cointegration Rank Test (Maximum Eigenvalue)

Hypothesized

Max-Eigen

0.05

No. of CE(s)

Eigenvalue

Statistic

Critical Value

Prob.**

None

0.132750

9.969964

14.26460

0.2139

At most 1

0.023180

1.641732

3.841466

0.2001

Max-eigenvalue  test indicates no cointegration at the 0.05 level

* denotes  rejection of the hypothesis at the 0.05 level

**MacKinnon-Haug-Michelis  (1999) p-values

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

LNU

LNY