Date: 12/24/10
Time: 23:20

Sample (adjusted): 1980 2008

Included observations: 29 after adjustments

Trend assumption: Linear deterministic trend

Series: LNY LNI LNC

Lags interval (in first differences): 1 to 1

Unrestricted Cointegration Rank Test (Trace)

Hypothesized

Trace

0.1

No. of CE(s)

Eigenvalue

Statistic

Critical Value

Prob.**

None *

0.469866

30.01157

27.06695

0.0472

At most 1

0.286684

11.60743

13.42878

0.1768

At most 2

0.060516

1.810321

2.705545

0.1785

Trace test indicates 1 cointegrating eqn(s) at the 0.1 level

* denotes rejection of the hypothesis at the 0.1 level

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

Unrestricted Cointegration Rank Test (Maximum Eigenvalue)

Hypothesized

Max-Eigen

0.1

No. of CE(s)

Eigenvalue

Statistic

Critical Value

Prob.**

None

0.469866

18.40414

18.89282

0.1155

At most 1

0.286684

9.797108

12.29652

0.2256

At most 2

0.060516

1.810321

2.705545

0.1785

Max-eigenvalue test indicates no cointegration at the 0.1 level