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                      Fractionally Cointegrated VAR: Estimation Results                              
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Dimension of system:       3      Number of observations in sample:          316 
Number of lags:            2      Number of observations for estimation:     316 
Restricted constant:      No      Initial values:                              0
Unrestricted constant:    No      Level parameter:                           Yes
Starting value for d:    1.000    Parameter space for d: (0.010 , 2.000) 
Starting value for b:    1.000    Parameter space for b: (0.010 , 2.000) 
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Cointegrating rank:            1  AIC:              -848.348 
Log-likelihood:          451.174  BIC:              -746.943 
log(det(Omega_hat)):     -11.369  Free parameters:        27 
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    Fractional parameters:                                                                             
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    Coefficient               Estimate                Standard error 
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         d                       0.569                      0.049                
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    Cointegrating equations (beta):                                                                  
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      Variable        CI equation 1  
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        Var1              1.000     
        Var2              0.111     
        Var3             -0.240     
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Note: Identifying restriction imposed.                                                               
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    Adjustment matrix (alpha):                                                                         
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      Variable        CI equation 1  
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        Var 1            -0.180     
         SE 1         (   0.064  )  
        Var 2             0.167     
         SE 2         (   0.194  )  
        Var 3             0.037     
         SE 3         (   0.014  )  
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Note: Standard errors in parenthesis.                                                                
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    Long-run matrix (Pi):                                                                       
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      Variable         Var 1          Var 2          Var 3   
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      Var 1           -0.180         -0.020          0.043    
      Var 2            0.167          0.019         -0.040    
      Var 3            0.037          0.004         -0.009    
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    Level parameter (mu):                                                                         
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        Var 1            -0.345     
         SE 1         (   0.069  )  
        Var 2            11.481     
         SE 2         (   0.548  )  
        Var 3            -2.872     
         SE 3         (   0.033  )  
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Note: Standard errors in parenthesis (from numerical Hessian) 
      but asymptotic distribution is unknown. 
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    Lag matrix 1 (Gamma_1):                                                                            
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      Variable         Var 1          Var 2          Var 3   
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      Var 1            0.276         -0.032         -0.510    
       SE 1        (   0.160  )   (   0.026  )   (   0.513  )  
      Var 2           -0.148          1.126         -3.285    
       SE 2        (   0.378  )   (   0.196  )   (   1.975  )  
      Var 3           -0.052          0.008          0.711    
       SE 3        (   0.022  )   (   0.005  )   (   0.170  )  
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Note: Standard errors in parentheses.                                                                
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    Lag matrix 2 (Gamma_2):                                                                            
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      Variable         Var 1          Var 2          Var 3   
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      Var 1            0.566          0.106          0.609    
       SE 1        (   0.182  )   (   0.045  )   (   0.612  )  
      Var 2            0.493         -0.462          0.450    
       SE 2        (   0.562  )   (   0.198  )   (   2.627  )  
      Var 3           -0.039         -0.020          0.318    
       SE 3        (   0.032  )   (   0.008  )   (   0.143  )  
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Note: Standard errors in parentheses.                                                                
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    Roots of the characteristic polynomial                                                           
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    Number     Real part    Imaginary part       Modulus                                             
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       1         -2.893          0.000            2.893                                        
       2         -1.522          0.000            1.522                                        
       3          1.010         -0.927            1.371                                        
       4          1.010          0.927            1.371                                        
       5          1.108          0.000            1.108                                        
       6          1.000          0.000            1.000                                        
       7          1.000          0.000            1.000                                        
       8          0.944         -0.261            0.980                                        
       9          0.944          0.261            0.980                                        
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Restrictions imposed on the following parameters:
- Psi. For details see "options$R_psi"
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